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Home Industry News Pfizer to acquire remaining shares in Icagen

Pfizer to acquire remaining shares in Icagen

22nd July 2011

Pfizer has announced that it will be acquiring Icagen, a US-based biopharmaceutical company in which it currently owns an 11 percent stake.

The company will pay around $56 million (34.4 million pounds) to purchase the remaining shares in Icagen, a global leader in pain research, with the transaction expected to close before the end of the year.

Pfizer has been working in collaboration with Icagen since 2007 to develop and commercialise compounds that function by modifying three specific sodium ion channels as new potential treatments for pain and related disorders.

In doing so, the company has been able to assess Icagen's expertise and capabilities and now wishes to work more closely with the business.

Ruth McKernan, senior vice-president for Pfizer's pain and sensory disorders and regenerative medicine unit Neusentis, said: "Icagen's capabilities and core ion channel technology will help to further expand Pfizer’s position in the pain relief disease area and our ability to develop potential first-in-industry drugs."

Currently, Pfizer is undertaking strategic reviews of its nutrition and animal health businesses as it seeks to increase its focus on its core pharmaceutical operations.ADNFCR-8000103-ID-800630409-ADNFCR

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