ICGN Icagen, Inc. (MM)

Pfizer Inc. (PFE) recently extended the expiration date of its tender offer for all outstanding shares of Icagen, Inc. (ICGN). The tender offer, which was slated to expire on September 12, 2011 (6 pm, New York City time), is now scheduled to expire on September 19, 2011 (6 pm, New York City time). Pfizer said that it will not extend the offering period further.

As of September 12, 2011, about 5,094,558 shares of Icagen’s common stock were validly tendered. Besides this, Pfizer owns 1,067,015 shares of Icagen’s common stock. Taken together, this represents 67.2% of the fully diluted shares of Icagen. Pfizer will pay for all shares accepted for payment in accordance with the terms of the tender offer.

Pfizer had first announced its intention to acquire Icagen in July 2011 for $6 per share. The total value of the deal, including the value of the shares already owned by Pfizer, is about $56 million.

Earlier in August 2007, Pfizer and Icagen had entered into a collaboration for the discovery, development and commercialization of compounds that modify three specific sodium ion channels that are to be used as potential treatments for pain and related disorders. With the Icagen deal, Pfizer is looking to add to its already diversified product portfolio. Icagen currently has two programs in epilepsy and pain.

Neutral on Pfizer

We currently have a Neutral recommendation on Pfizer, which carries a Zacks #3 Rank (short-term Hold rating). While near-term earnings growth will come in the form of cost cutting and share repurchases, longer-term growth will be dependent on the success of drug development.

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