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Ardea Biosciences, Inc. (RDEA)

(NASDAQ: RDEA)

Summary

Faruqi & Faruqi, LLP Announces Investigation of Ardea Biosciences, Inc. (RDEA)

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Ardea Biosciences, Inc. (“Ardea” or the “Company”) (NASDAQ: RDEA) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to AstraZeneca PLC (NYSE: AZN) in an all-cash transaction valued at approximately $1.26 billion. Under the terms of the proposed transaction, Ardea shareholders will receive $32.00 in cash per each share of Ardea common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $40.00 for Ardea.

Whether Ardea’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Ardea’s shares and by how much this proposed transaction undervalues the Company to the detriment of Ardea’s shareholders are the key focus of this investigation.

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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

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