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Pfizer completes acquisition of Icagen

Triangle Business Journal by Lee Weisbecker, Staff Writer

Date: Friday, October 28, 2011, 10:47am EDT

Pfizer Inc. said Friday that it has completed its $56 million acquisition of Durham-based drug maker Icagen.

The merger was accomplished by combining Pfizer’s wholly-owned subsidiary, Eclipse Acquisition Corp., with Icagen, Pfizer (NYSE: PFE) said in a prepared statement.

Under the terms of the deal, holders of roughly 8.3 million Icagen shares outstanding received $6 a share in cash.

“We’re excited that Icagen, a global leader in pain research, has now joined Pfizer,” says senior Pfizer vice president Ruth McKernan. “We have worked closely with Icagen for several years and have the utmost respect for their expertise.”