DOVER, Del. (AP) — A Delaware judge has refused to delay the acquisition of Micromet Inc. by Amgen Inc., the world's largest biotech company.
A tender offer in which Amgen is offering $11 per share for Micromet, a Maryland-based developer of cancer therapies, was to expire at midnight Thursday.
Some Micromet shareholders challenged the proposed deal, arguing at a hearing earlier this week that Micromet's board rushed it through and did not adequately explore whether it could get a competing offer at a better price.
But in a ruling filed late Wednesday, the judge said the shareholders were not entitled to a preliminary injunction because they had not shown a reasonable likelihood that they would succeed in proving their claims.