Pfizer Inc, the world's biggest drugmaker, said on Friday it has agreed to acquire publicly-held biopharmaceutical company Coley Pharmaceutical Group Inc, for $164 million.
New York-based Pfizer will make a cash tender offer for all the outstanding common stock of Coley- a developer of vaccine technology and drugs to treat cancer, asthma and other disorders-for $8.00 a share, a 167 percent premium over Coley's closing price of $3.00 a share on Thursday on Nasdaq.
The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the acquisition by Pfizer of a majority of Coley's shares.
The companies said shareholders holding about 27 percent of Coley's shares have entered into agreements to tender their shares.
Expanding portfolio
Pfizer said the acquisition is designed to extend its presence in the fast-growing market for vaccines and to boost its portfolio of experimental drugs to treat a range of diseases, including Alzheimer's, asthma, infectious diseases and cancer.
"Coley's innovative product candidate portfolio and technology have the potential to significantly enhance future vaccine and immunotherapeutic approaches to a broad range of diseases including Alzheimer's, asthma, infectious disease and oncology, where we already have strong collaborative research in place," said Jeffrey B. Kindler, chairman and chief executive officer, Pfizer Inc.
The acquisition is expected to close early in 2008.
November 16, 2007
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