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Pfizer completes business acquisition of Icagen

The pharmaceutical company Pfizer is acquiring Icagen for $56 million.

21 July 2011

Pfizer may have used merger and acquisitions advisers to complete a deal that will see it takeover Icagen.

At the moment the former owns 11 per cent of the latter and has agreed to buy it for $56 million (£34 million).

Pharmaceutical company Pfizer - founded by cousins Charles Pfizer and Charles Erhart in 1849 - has been collaborating worldwide with Icagen since 2007.

Ruth McKernan, senior vice-president of Pfizer's pain and sensory disorders and regenerative medicine unit, observed: "Icagen's capabilities and core ion channel technology will help to further expand Pfizer's position in the pain relief disease area."

She added that in the four years they have already worker together, a "mutual appreciation" of each others abilities has developed.

Shareholders with Icagen will be offered $6 a share as both parties seek to conclude the business negotiations.

Pfizer is currently exploring alternative strategies for its animal health and nutrition businesses.

Posted by David Gleck
 

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