Pfizer to acquire Encysive Pharmaceuticals

Pfizer has announced that it is to acquire the biopharmaceutical company Encysive for an equity value of approximately $195 million (100 million pounds).

The pharmaceutical company will make a cash tender offer for all issued and outstanding shares of Encysive for $2.35 per share.

Encysive’s board of directors unanimously approved the merger agreement and has also recommended that the company’s stockholders accept the tender offer and tender their shares.

As a result of the acquisition, Pfizer will be granted the rights to Thelin ? a treatment for pulmonary hypertension (PAH) which is commercially available across much of Europe and approved in other international markets.

Ian Read, president of Pfizer’s worldwide pharmaceutical operations, confirmed that the company was looking forward to applying its resources to the launch of Thelin in additional countries.

Commenting on the acquisition, Mr Read suggested that it would “add growing, near-term revenue from the European market and increase our already strong presence in the cardio-respiratory arena”.

Encysive’s president and chief executive officer George W Call described the transaction as the “best option” for its shareholders due to Pfizer’s detailed understanding of PAH.

Pfizer also announced this week the launch of a $33 million (17 million pounds) multi-year award programme which aims to tackle the growing challenges of cancer and tobacco around the world.