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Home Industry News Pfizer completes Encysive tender offer

Pfizer completes Encysive tender offer

16th April 2008

Pfizer subsidiary Explorer Acquisitions has successfully completed its tender offer for Encysive Pharmaceuticals, it has announced.

About 69.1 million, just over 85 per cent, of outstanding commons shares were tendered at $2.35 (about 120 pence) each and outstanding Encysive shares will be acquired through a merger with Pfizer.

Encysive, a biopharma company whose lead drug Argatroban is licensed to GlaxiSmithKline, will thereafter become a wholly-owned subsidiary of Pfizer its common stock will cease to be traded on the NASDAQ Global Market.

Pfizer employs 122,000 people in 60 countries and has markets in more than 150 countries, with research and development sites in the US, Canada, UK, Japan and France.

The company arose as a bulk chemical manufacturer and as a maker of penicillin, moving onto success with the broad-spectrum antibiotic Terramycint in the late 1940s.

Pfizer in the UK is based at Sandwich, near Folkestone, and was established in the 1950s.

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