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Published on 3 January 2008

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Pfizer completes deal for Coley

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Pharmaceutical firm Pfizer has announced that it has completed the cash tender offer to purchase all of the outstanding shares in the Coley Pharmaceutical Group.

The tender offer expired, as scheduled, on December 28, and the offer was not extended.

As a result of the deal, Pfizer has acquired nearly 25 million shares of Coley common stock, which included 661,444 shares which are subject to guaranteed delivery procedures.

Through its indirect wholly owned subsidiary, Corvette Acquisition Corporation, Pfizer has accepted all validly tendered shares for payment.

The shares accepted for payment, together with the shares which were already owned by Corvette, represent approximately 92.2% of the stock.

Pfizer said that it intends to offer the remaining Coley shareholders the same $8 (£4) cash price per share which has been paid in the tender offer.

The merger process is expected to be completed in the next few days, and once the deal has been finalised, Coley will become an indirect wholly-owned subsidiary of Pfizer.

Copyright © PA Business 2008

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