According to the Complaint, Dermira is a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions.

This action stems from a proposed transaction announced on January 10, 2020, pursuant to which Dermira, Inc. will be acquired by Eli Lilly and Company.

On January 10, 2020, Dermira’s Board of Directors caused the Company to enter into an agreement and plan of merger with Eli Lilly. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Dermira’s outstanding common stock for $18.75 per share in cash. The Tender Offer is set to expire on February 19, 2020.

On January 22, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.