Harwood Feffer LLP Announces Investigation of Ardea Biosciences, Inc.

NEW YORK, April 23, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Ardea Biosciences, Inc. ("Ardea" or the "Company") (NASDAQ: RDEA) concerning the proposed acquisition of the Company by AstraZeneca in a transaction valued at approximately $1.26 billion. 

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On April 23, 2012, it was announced that Ardea and AstraZeneca have entered into a definitive agreement pursuant to which AstraZeneca will acquire Ardea.  Under the agreement, Ardea shareholders will receive $32.00 in cash per share held.  At least one analyst has set a price target for Ardea stock of $40.00 per share.

Our investigation concerns whether the Ardea board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. 

If you own Ardea shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Benjamin Sachs-Michaels
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.

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SOURCE Harwood Feffer LLP