It took some wooing but Pfizer was finally able to convince Icagen shareholders that its $56 million offer for Icagen was a good deal.
The companies announced this morning that enough shareholders had tendered their shares for the acquisition to go through. Pfizer had to extend the deadline twice to make it happen.
Pfizer now owns 64 percent of the outstanding shares of Durham-based Icagen.
In announcing the completion of the deal, Pfizer also announced a subsequent offering period that expires at 6 p.m. Sept. 12, for any remaining shares. Sellers today will also receive $6 a share.
Icagen and Pfizer announced the $56 million deal in July. But some large investors complained the $6 share price was too low. They argued the business could be worth three times as much because of the promising results for experimental pain medications that Icagen is developing in a partnership with Pfizer.
Mary Cornatzer has worked at The News & Observer for more than 25 years, covering the local music industry, state movie industry and travel. She has been the paper's Business editor since 2000. Contact Mary at 919-829-4755 or