Drugmaker Pfizer Inc. is extending by a day its tender offer for pain drug developer Icagen, after the number of shares tendered by Wednesday's deadline fell just short of what Pfizer needed.
Stockholders of Icagen Inc., a small biopharmaceutical company whose focus is a key research area for Pfizer, now have until midnight EDT at the end of Thursday to tender shares at $6 each.
The $56 million deal, a small one by Pfizer standards, is opposed by some Icagen shareholders who want a higher price.
Pfizer says about 4.04 million shares of Icagen common stock have been validly tendered. Pfizer already owns 1.07 million shares.
Together, that gives Pfizer 49 percent of the fully diluted share total, or 107,431 shares below the minimum Pfizer needs.