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Home Industry News Pfizer extends offer

Pfizer extends offer

9th April 2008

Pfizer subsidiary Explorer Acquisition Corp has extended the subsequent offering period for the tender offer for Encysive Pharmaceuticals.

Explorer Acquisition is offering to buy Encysive shares at a price of $2.35 (1.19 pounds) in cash, without interest and minus any required withholding taxes.

The original offer period was set to end on April 7th but this has been extended until April 14th.

Pfizer notes that some 67,435,726 shares had been tendered before the original date, with this figure representing around 83.3 per cent of the outstanding shares of the firm.

Encysive notes that it focuses its operations on the discovery, development and commercialisation of a range of small molecule compounds in order to meet medical needs.

The firm began as a research and development company before growing into a commercial body.

Products Encysive has made in the past include Thelin (sitaxentan sodium), which was approved for use in the European Union in 2006.

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