NEW YORK (AP) - Drug maker Pfizer Inc. on Tuesday said it closed its $195
million acquisition of Encysive Pharmaceuticals Inc.
In February, Pfizer announced a $2.35-per-share cash tender offer for
Houston-based Encysive.
The acquisition gives Pfizer rights to Encysive's drug development pipeline,
including Thelin, an oral drug to treat pulmonary arterial hypertension, or high
blood pressure in the pulmonary artery. The drug has had a rocky regulatory
history, with the Food and Drug Administration declining to approve the drug on
three occasions.
Shares of Pfizer fell 20 cents to $17.82 in midday trading, after earlier
trading as low as $17.71, its lowest point in nearly 11 years.
Copyright 2008 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|