CAMBRIDGE, Mass.--(BUSINESS WIRE)--Targanta Therapeutics Corporation (“Targanta”) (Nasdaq: TARG) today announced that the defendants and the plaintiffs in the purported class action lawsuit (the “Action”) pending in the Superior Court of the Commonwealth of Massachusetts (the “Court”) entitled Albright, et. al., v. Leuchtenberger, et al., Civil Action No. 09-0269-BLS entered into a Memorandum of Understanding (the “Memorandum”) providing for a settlement of the lawsuit. As part of the settlement, Targanta agreed to make certain supplemental disclosures to its solicitation/recommendation statement on Schedule 14D-9, which disclosures are included in an amendment to the solicitation/recommendation statement on Schedule 14D-9 filed by Targanta today with the Securities and Exchange Commission (the “SEC”). The Memorandum contains no admission of wrongdoing. However, given the potential cost and burden of continued litigation, Targanta believes the settlement is in its best interests and the best interests of its shareholders.
