RDEA Ardea Biosciences, Inc. (MM)

Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Ardea Biosciences, Inc. (NASDAQ: RDEA) in connection with their efforts to sell the company to AstraZeneca. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the shareholder information form on the firm's website.

On April 23, 2012, Ardea announced that it had entered into a definitive merger agreement to be acquired by AstraZeneca. According to the terms of the deal, AstraZeneca will acquire all outstanding shares of the company through an all-cash transaction. Pursuant to the agreement, Ardea shareholders will receive $32.00 for each share of the company they own. The transaction is expected to close during the second or third quarter of 2012.

Robbins Umeda LLP's investigation focuses on whether Ardea's board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the prospects for lesinurad, the company's drug in Phase III development as a potential treatment for the chronic management of hyperuricaemia in patients with gout. On March 9, 2012, the company announced that the $157.6 million it raised in a recent equity offering should be sufficient to fund Ardea's operations beyond the preliminary endpoint dates for all four Phase III studies of lesinurad currently underway. Additionally, at least three leading market analysts released target prices for Ardea above the price offered by Astra Zeneca, including one that values the company's stock at $41.00 per share.

Robbins Umeda LLP attorneys highlight that Ardea shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/ardea-biosciences-inc/

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