Pfizer has one again extended the deadline for its $6-per-share offer for Durham's Icagen.
The pharmaceutical company announced this morning that it was extending the offer until 6 p.m. today in hopes of winning the support of more shareholders so it can complete the deal.
On Thursday, Pfizer officials said the offer would expire at midnight.
According to a Pfizer press release this morning, shareholders holding 49.6 percent of Icagen's fully-diluted shares had agreed to tender their holdings. The company needs 39,799 more shares to be tendered to close the deal.
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.
Pfizer, however, has not been willing to increase its offer.
Shareholders holding roughly 4.1 million shares of Icagen common stock, including shares owned by Icagen directors and officers, have agreed to tender their shares. In addition, Pfizer owns nearly 1.1 million shares.
Icagen shares were trading at $6 this morning.