
Pfizer Completes Tender Offer For Icagen
Pfizer has completed its cash tender offer for the biopharmaceutical company Icagen (Durham, North Carolina) after extending its initial deadline twice. The tender offer of $6 per share was originally scheduled to expire on Aug. 31, 2011, but had to be extended on both Sept. 1 and Sept. 2 after insufficient shares were tendered.
Pfizer has completed its cash tender offer for the biopharmaceutical company Icagen (Durham, North Carolina) after extending its initial deadline twice. The tender offer of $6 per share was originally scheduled to expire on Aug. 31, 2011, but had to be extended on both
When the first offer expired, Pfizer was just short of the shares required to finalize the deal when only 4,044,035 of the necessary 4,151,466 shares were tendered, despite Icagen
Pfizer and Icagen announced their intentions to merge in
According to a
In a letter written to Icagen’s board of directors, the firms estimate the “value of Icagen's pain programs alone at as much as $100–$165 million or $11–$19 a share.” The release also adds: “Pfizer advanced the first of Icagen's proprietary compounds (PF-05089771) into a Phase I single-dose escalation study in December 2010, and this trial was expected to have been completed in March 2011. According to the letter, ‘trial data are open to Pfizer as they are required to monitor safety. These data provide Pfizer with an unfair advantage not afforded to all investors to determine the value of this program’.”
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