Third try: Pfizer offer for Icagen shares succeeds

AP News
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Posted: Sep 06, 2011 10:28 AM
Third try: Pfizer offer for Icagen shares succeeds

Drugmaker Pfizer says its tender offer for shares of pain drug developer Icagen has succeeded _ after two extensions.

Pfizer extended its deadline twice last week after not getting enough shares. By end of day Friday, more than 4.6 million shares of Icagen common stock had been offered for $6 apiece. Combined with the 1.1 million shares Pfizer owns, that gives the New York company about 54 percent of Icagen shares.

Pfizer says it's now starting another offering period through next Monday. Stockholders can immediately get the same $6 for each share they offer.

Any remaining shareholders must wait until after Pfizer completes its $56 million purchase of Icagen to be paid for their shares of the biopharmaceutical company, whose focus is a key Pfizer Inc. research area.