We are investigating whether the directors of BioDelivery Sciences International, Inc. (Nasdaq: BDSI) (“BDSI”) acted in the best interests of BDSI shareholders in approving the sale of BDSI to Collegium Pharmaceutical (“Collegium”) for $5.60 per share in cash.
If you remain a BDSI shareholder and have questions about your legal rights, please contact us using the form below to discuss your options at no charge.
Why is there an investigation?
On February 14, 2022, BDSI announced an agreement for Collegium to purchase all outstanding shares of BDSI at $5.60 per share in cash in a tender offer. The agreement has been approved by the boards of both companies.
Our investigation concerns whether BDSI’s board acted in the best interests of BDSI shareholders in approving the sale to Collegium, including whether the acquisition price adequately compensates BDSI shareholders, and whether all information regarding approval of the transaction has been fully disclosed.
In particular, according to an analysis of Wall Street BDSI price targets in the last 90 days published on SeekingAlpha, the 7 analysts covering BDSI have an average price target of $6.79 per share, with a high price target of $10 per share, both above the sales price.
Additionally, on December 20, 2021, BDSI announced that the U.S. District Court of Delaware had ruled in favor of BDSI in the company’s patent litigation against Alvogen Group, Inc. The court’s opinion (which can be downloaded from the link in the right sidebar), upheld BDSI’s patents covering BDSI’s chronic pain medication, BELBUCA. Accordingly, BDSI expects market exclusivity of BELBUCA against Alvogen until 2032.
Thereafter, on January 20, 2022, BDSI announced it expects 2021 net revenues and BELBUCA net sales to achieve the high end of its previous guidance range, and 2021 EBITDA to come in above its prior guidance range.