Micromet Investor Claims Amgen $1 Billion Takover Bid Undervalues Shares

Micromet Inc. (MITI) was sued by a shareholder who said Amgen Inc. (AMGN)’s $1 billion takeover offer for the drugmaker undervalues his stock.

Micromet’s board failed in its duty to get the best price, the investor, Bernard Passes, said in a complaint filed yesterday in Delaware Chancery Court in Wilmington. Amgen, based in Thousand Oaks, California, announced a deal on Jan. 26 to buy Micromet for $11 a share to gain an experimental leukemia drug.

“Given the company’s growth prospects and potential for significant income,” the transaction is inadequate, Passes said in his complaint. He said Micromet stock is worth at least $12 a share

Jennifer Neiman, a spokeswoman for Rockville, Maryland- based Micromet, declined to comment on the lawsuit.

Micromet, which closed at $8.28 the day before the takeover was announced, fell 1 cent to $10.95 at 12:04 p.m. New York time in Nasdaq Stock Market trading. Amgen, the world’s largest biotechnology company, declined 31 cents to $68.02.

The case is Passes v. Micromet, CA7198, Delaware Chancery Court (Wilmington).

To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at pmilford@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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