WASHINGTON, Dec. 23 (UPI) -- Abgenix said Friday that its shareholders have filed suit over its merger plans with Amgen.
The lawsuit, for which shareholders are seeking class action status -- charges that the proposed merger is inadequate and not in the best interest of shareholders. The suit also alleges that Abgenix's board of directors breached their fiduciary duties to shareholders in entering into the merger deal with bigger rival Amgen.
The complaint seeks various forms of relief including an injunction stopping the merger.
For its part, Abgenix said the suit is without merit and that it planned to vigorously defend the pending deal.
Earlier this month, Abgenix signed a deal to be bought by Amgen for $2.2 billion, or $22.50 per share.
Abgenix makes genetically engineered antibody therapies for the treatment of autoimmune and inflammatory disorders and cancer.
