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news.Pfizer is set to take over North Carolina-based biopharmaceutical company Icagen, under a definitive merger agreement signed between the companies.
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Currently, Pfizer has 11% ownership of Icagen’s fully diluted shares.
Pfizer expects to purchase the remaining 8.3m shares at $6 per share.
In 2007, Pfizer and Icagen joined hands to discover, develop and commercialize compounds that modify three specific sodium ion channels as new treatments for pain and related disorders.
The agreement will further enhance the companies’ efforts to identify and develop novel pharmaceuticals targeting specific ion channels.
Pfizer Pain & Sensory Disorders and Regenerative Medicine unit senior vice president said Icagen’s capabilities and core ion channel technology will help to further strengthen Pfizer’s business in the pain relief disease area and their ability to develop potential drugs for the treatment of pain and related disorders.