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Pfizer completes $164m cash tender offer for Coley

Pfizer completes a cash tender offer to purchase all of the outstanding shares of US-based biopharmaceutical company, Coley Pharmaceutical

On 1 January 2008, Pfizer said it had completed a cash tender offer to purchase all of the outstanding shares of US-based biopharmaceutical company, Coley Pharmaceutical.

Pfizer said the $164m tender offer for Coley expired at midnight on 28 December 2007. The offer was not extended.

Pfizer said it has purchased close to 25 million shares of Coley common stock. The shares represent approximately 92.2 per cent of Coley's outstanding common stock, according to a Pfizer statement.

The world's largest pharmaceutical company plans to complete the merger in the coming days. Remaining Coley shareholders will receive the same $8.00 cash price per share paid in the tender offer, the release added.

Following the merger, Coley will become an indirect wholly owned subsidiary of Pfizer.

2nd January 2008

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