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news.Pfizer has entered into an agreement to acquire Coley Pharmaceutical Group, a publicly-held biopharmaceutical company specializing in vaccine adjuvant technology and a new class of immunomodulatory drug candidates, for $164 million.
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Under the terms of the agreement, Pfizer will make a cash tender offer for all of the outstanding common stock of Coley for $8 per share, representing an enterprise value of $164 million. The transaction is subject to customary closing conditions, and the acquisition by Pfizer of a majority of Coley’s shares. Shareholders holding approximately 27% of the Coley shares have entered into agreements to tender their shares in the offer.
The acquisition is expected to close early in 2008. Lazard Frères and Co, and Covington & Burling, advised Pfizer on this transaction. JPMorgan and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, advised Coley Pharmaceutical Group.
Jeffrey Kindler, chairman and CEO 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.”