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Home Industry News Pfizer to acquire Coley Pharmaceutical

Pfizer to acquire Coley Pharmaceutical

19th November 2007

Pfizer has announced that it has signed an agreement to acquire publicly-held biopharmaceutical firm Coley Pharmaceutical.

Coley Pharmaceutical specialises in vaccine adjuvant technology and new types of immunomodulatory drug candidates targeting cancers, autoimmune conditions, allergies and asthma disorders.

The firm has innovated in the field of Toll-like receptor (TLR) therapeutics that stimulate or inhibit immune system receptors.

Pfizer has made a cash tender offer of $164 million (80.22 million pounds) for the firm, equal to $8 per common share in the firm. Currently, 27 per cent of shares have been entered into agreements under this offer, while the transaction is subject to standard closing conditions.

Jeffrey B Kindler, chairman and chief executive officer of Pfizer, said: “This acquisition is an important component of Pfizer’s vaccine strategy and reflects our commitment to research new and more effective vaccines to prevent infectious diseases and to treat cancers and other debilitating conditions.”

He added that the product portfolio from Coley could enhance the company’s vaccine and immunotherapeutic approach to a number of conditions.

Last week, Pfizer and Nektar Therapeutics announced a resolution of their outstanding contractual issues relating to the next-generation inhaled insulin product from Exubera and Nektar.

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