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Pfizer agrees Icagen acquisition

Pfizer has completed its tender offer to purchase outstanding shares of Icagen following two extensions

US-based pharmaceutical company Pfizer has completed its tender offer to purchase outstanding shares of Icagen following two extensions, agreeing a price of $6 per share with the biotechnology firm. The total value of the acquisition, once completed, will be $56m.

The deadline for the deal had to be extended twice as Pfizer had not received enough shares.

However, over 4.6 million shares were eventually tendered, giving Pfizer 54 per cent of Icagen's total shares. Pfizer already held 1.1 million shares in Icagen.

This satisfied the conditions for Pfizer's acceptance of, and payment for, shares tendered in the initial tender offer.

Following completion of the tender offer, Pfizer intends to acquire of Icagen through a merger under Delaware law.

Icagen shareholders who do not tender their shares of Icagen common stock in the tender offer will not receive payment for their shares until the merger is concluded.

7th September 2011

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