Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE

Pfizer Holds Firm on $6 Per Share Offer for Icagen

By Pharmaceutical Processing | August 29, 2011

Pfizer informed Icagen’s board on Friday that its final offer price for the company is $6 per share. The drugmaker also indicated that it wouldn’t raise its takeover offer, which was announced in July and is scheduled to expire on August 31, even if a majority of shares in Icagen aren’t tendered.

In a letter to Icagen’s board, Douglas Giordano, Pfizer’s senior vice president of worldwide business development, noted that “we thought it appropriate to reaffirm unambiguously, as we made clear when negotiating the merger agreement with you, that $6 per share is our best and final price.” The drugmaker went on to note that although the tender offer requires that a majority of Icagen investors agree to the deal, “if a majority of shares are not tendered, however, we still will not raise our offer.”

Icagen CEO P. Kay Wagoner has written to investors urging them to tender their shares. However, several large investors have stated that the drugmaker’s offer is too low, with two investment firms suggesting that Icagen could be worth three times as much based on data from trials of an experimental pain drug that Pfizer and Icagen are developing together. The firms, which own more than 10 percent of Icagen stock, have said they will not tender their shares at the current offer price. 

Related Articles Read More >

Sandoz Logo 2025
Sandoz breaks ground on biosimilar plant in Slovenia
Nymi Logo_2022 (1)
Nymi, Caliber partner on passwordless authentication for pharma manufacturing
Building a resilient pharma supply chain
Antheia_Logo (1)
Pharma ingredient manufacturer Antheia raises $56M Series C
“ppw
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news, technologies, and developments in Pharmaceutical Processing.

DeviceTalks Tuesdays

DeviceTalks Tuesdays

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Pharmaceutical Processing World
  • Subscribe to our E-Newsletter
  • Contact Us
  • About Us
  • R&D World
  • Drug Delivery Business News
  • Drug Discovery & Development
  • DeviceTalks
  • MassDevice
  • Medical Design & Outsourcing
  • MEDICAL TUBING + EXTRUSION
  • Medical Design Sourcing
  • Medtech100 Index
  • R&D 100 Awards

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search Pharmaceutical Processing World

  • Home
  • Regulatory
    • Recalls
  • Pharmaceutical Processing
  • Facility
  • Supply Chain
  • Equipment and Materials
  • Contract Manufacturing
  • Resources
    • Voices
  • Advertise
  • SUBSCRIBE