Giant drug developer Pfizer announced that it has succeeded in its tender offer for shares for Icagen after two extensions.
After not receiving enough shares, Pfizer had extended its deadline to Icagen twice last week. However, Pfizer was offered 4.6 million shares of Icagen common stock at $6 each at the end of last week. Including the 1.1 million shares already owned by Pfizer, the New York drugmaker owns nearly 54 percent of Icagen shares.
Pfizer is said to commence another offering period through the following Monday. Stockholders will be allowed to purchase the same shares at $6 each.
Remaining shareholders will have to hold on until Pfizer finishes its $56 million buyout of Icagen to be paid for their shares of the pain drug developer, whose focus is a key Pfizer Inc. research area.