We are investigating whether the directors of Opiant Pharmaceuticals, Inc. (Nasdaq: OPNT) (“Opiant”) acted in the best interests of Opiant shareholders in approving the sale of Opiant to Indivior for $20.00 per share in cash, plus a contingent value right (CVR) worth up to $8.00 per share.
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Why is there an investigation?
On November 14, 2022, Opiant announced that it had agreed to be acquired by Indivior for $20.00 per share in cash, plus up to $8 per share in contingent value rights (CVRs) that may become payable in the event that certain net revenue milestones are achieved by Opiant’s lead asset OPNT003, during a relevant seven-year period.
The agreement has been approved by the Opiant board of directors (“Board”).
Our investigation concerns whether Opiant’s Board acted in the best interests of Opiant shareholders in approving the sale, including whether the acquisition price adequately compensates Opiant shareholders, and whether all material information regarding the transaction has been fully disclosed.
Notably, according to an analysis of Wall Street price targets for Opiant in the last 90 days published on Seeking Alpha, there is an average price target of $40.25 per share, which is above the deal price.