Pfizer acquires Icagen

Pfizer Inc. (NYSE: PFE) announced today that it has completed its acquisition of Icagen, Inc., through the merger of its wholly owned subsidiary, Eclipse Acquisition Corp., with and into Icagen. Icagen is now a wholly-owned subsidiary of Pfizer. Under the terms of the transaction, each issued and outstanding share of Icagen common stock has been converted into the right to receive $6.00 in cash, without interest thereon, and less any applicable withholding and transfer taxes.

As a result of the acquisition, Icagen's common stock on NASDAQ will cease trading as of the opening of trading today.

Icagen is now part of Pfizer's Worldwide Research and Development organization, and will be integrated into Neusentis, Pfizer's Research Unit encompassing Pain, Sensory Disorders and Regenerative Medicine.

"We're excited that Icagen, a global leader in pain research, has now joined Pfizer," said Ruth McKernan, Ph.D., senior vice president of Pfizer and chief scientific officer of Neusentis. "We have worked closely with Icagen for several years and have the utmost respect for their expertise. Their understanding of ion channel mechanisms will enhance our ability to develop novel drugs for the treatment of pain and related disorders."