January 9, 2019 - The case was voluntarily dismissed.
October 8, 2019 - An investor, who currently holds shares of Senomyx, Inc. (NASDAQ: SNMX), filed a lawsuit against the takeover of Senomyx, Inc. by Firmenichis.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: SNMX stockholders by agreeing to sell Senomyx, Inc. cheaply via an unfair process.
San Diego, CA based Senomyx, Inc. discovers, develops, and commercializes flavor ingredients and natural high intensity sweeteners primarily for the packaged food, beverage, and ingredient supply industries in the United States.
On September 17, 2018, Firmenich and Senomyx, Inc. (NASDAQ: SNMX) announced that they have entered into a definitive merger agreement under which Firmenich will acquire all of the outstanding common stock of Senomyx for $1.50 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ: SNMX shareholders will receive is grossly inadequate and undervalues Senomyx, Inc. Indeed, shares of Senomyx, Inc. (NASDAQ: SNMX) reached in December 2017 as high as $1.67 per share. Senomyx, Inc. (NASDAQ: SNMX) reported that its annual Total Revenue rose from $23.03 million in 2016 to $29.32 million in 2017 and that its Net Loss declined from $10.68 million in 2016 to $1.26 million in 2017. In addition, the plaintiff alleges that the process is also unfair Senomyx, Inc stockholders