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Pfizer to buy Icagen for $56m

Pfizer has entered a definitive agreement to purchase pain research specialists Icagen for $56m

Pfizer has entered a definitive agreement to purchase pain research specialists Icagen for $56m.

Pfizer currently owns around 11 per cent of the biotechnology company, and will acquire the remaining 8.3 million shares for $6.00 per share.

In June 2011, it was reported that Pfizer was considering a "strategic transaction" with Icagen.

The companies have previously worked together as part of a partnership to develop and commercialise compounds as new potential treatments for pain and related disorders.

Following the takeover, Pfizer and Icagen will continue to target three sodium ion channels that play a role in the generation of electrical signals in nerve fibres related to pain.

"During the nearly four years since the initiation of our collaboration, each side has developed a mutual appreciation of the expertise and capabilities of the other," said Dr P Kay Wagoner, CEO, Icagen. "By joining forces in a more integrated manner, we believe that our joint efforts towards the identification and development of novel pharmaceuticals targeting specific ion channels will be significantly enhanced."

21st July 2011

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