Since the numbers of shares tendered by Icagen on Thursday did not meet Pfizer Inc.’s requirement, the giant drug developer extended its tender offer to the biopharmaceutical company for the second time.
While Wednesday was the original deadline, Icagen Stockholders whose focus is a key Pfizer research area have now been given until Friday 6 pm EDT to tender shares at $6 each.
Icagen shareholders want a higher quote for the deal valued at $56 million, although small by Pfizer standards. According to Pfizer, nearly 4.11 million shares of Icagen common stock have been validly tendered, and the giant drug maker 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.