Pfizer again extends Icagen stock tender offer

AP News
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Posted: Sep 02, 2011 9:58 AM
Pfizer again extends Icagen stock tender offer

Drugmaker Pfizer Inc. for a second time is extending its tender offer for pain drug developer Icagen, as the number of shares tendered by Thursday night again fell short of what Pfizer needed.

Stockholders of Icagen Inc., a biopharmaceutical company whose focus is a key Pfizer research area, now have until 6 p.m. EDT Friday to tender shares at $6 each. Wednesday was the original deadline.

The $56 million deal, small by Pfizer standards, is opposed by some Icagen shareholders who want a higher price.

Pfizer says about 4.11 million shares of Icagen common stock have been validly tendered. Pfizer already owns 1.07 million shares.

Together, that gives Pfizer 49.6 percent of the fully diluted share total, or 39,799 shares below the minimum Pfizer needs.