Navigation Links
Merlin Nexus and New Leaf Venture Partners Continue to Contest Proposed $56 Million Acquisition of Icagen by Pfizer
Date:8/25/2011

NEW YORK, Aug. 25, 2011 /PRNewswire/ -- Merlin Nexus and New Leaf Venture Partners (NLV Partners) have contested the terms of Icagen's (Nasdaq: ICGN) proposed acquisition by Pfizer Inc (NYSE: PFE) in a letter filed today with the SEC.  According to a July 20, 2011 press announcement, Pfizer plans to purchase the shares of Icagen stock it already does not own at a price of $6.00 per share, resulting in an aggregate transaction value of approximately $56 million.  In the past month, Merlin Nexus and NLV Partners, both stockholders in Icagen, have sent two letters to the Icagen Board contesting the price of the acquisition.  The current letter affirms that the "terms of the proposed Pfizer acquisition do not reflect the fair value of Icagen's assets."  Further, both stockholders expressed their disappointment "that the Icagen acquisition was announced ahead of near-term milestones, and [they] do not intend to tender [their] shares under the current terms."

In the current letter, Merlin Nexus and NLV Partners state that "the true cost to Pfizer to acquire the company's assets is only $22 million when near-term R&D and milestone payments as well as the cash Icagen currently owns are put into the equation.  This cost would be even lower if the Pfizer-Icagen R&D collaboration were renewed after it expires later this year."

The letter references conservative estimates of the value of Icagen's pain programs alone at as much as $100-$165 million or $11-$19 a share.  Unfortunately, as noted in the letter, "Icagen's Board chose not to pursue other strategic options that could have allowed the pain programs currently partnered with Pfizer to reach significant milestones and create additional value for all shareholders."

Pfizer advanced the first of Icagen's
'/>"/>

SOURCE New Leaf Venture Partners
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Kinexus Announces the Launch of New Peptide Production Services
2. Kinexus Announces the Launch of a New Protein Kinase Microarray
3. AACR 100th Annual Meeting Highlights Superior Ability of InNexus DXL-Modified Anti-CD20 Antibody to Attach and Kill NHL With Safety Comparable to Approved Antibody Therapies in Preclinical Studies
4. InNexus Biotechnology Announces a Loan Facility of up to USD$2.5 Million
5. InNexus Biotechnology Announces New Patents Protecting Novel Cell Penetrating DXL(TM) Antibodies
6. FDA Provides A Positive Review of InNexus Biotechnology Development Plan for Lead Product
7. InNexus Completes Previously Announced Private Placement
8. MicroDose and Nexus6 Announce Collaboration to Evaluate Application of Remote Patient Compliance Monitoring Technology with MicroDoses Electronic Dry Powder Inhaler
9. InNexus Biotechnology Announces New EGFR Antibody DXL1218 Targeting Colorectal Cancer and Announces $1.25 Million Private Placement
10. InNexus Biotechnology Receives Patent Grants in Europe
11. InNexus Biotechnology CEO to Present at the 7th Annual BIO Investor Forum
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/22/2014)... & Brussels (PRWEB) December 22, 2014 ... (CfPIE), the global leader of technical training across the ... for Clinical Data Management (SCDM) to provide the ... certification programs —providing access to the more than ... extends SCDM members with 10% off when registering for ...
(Date:12/22/2014)... SAN DIEGO , Dec. 22, 2014 ... that the Decipher Prostate Cancer Classifier, a genomic test ... disease in node-negative, high-risk men managed by radical prostatectomy ... with radical prostatectomy is relatively uncommon, using tumor genomics ... form of metastatic disease is an important advance. The ...
(Date:12/22/2014)... TENN (PRWEB) December 22, 2014 Fertility ... Donor Egg Bank USA , a network of ... country. Through this partnership, patients have fast access to ... in vitro fertilization, IVF . Fertility Associates of Memphis ... offer this fertility treatment option. , Dr. William ...
(Date:12/19/2014)... Ill. , Dec. 19, 2014 Naurex ... develop novel drugs for diseases of the central nervous ... president and chief executive officer, will present at the ... Riedel,s presentation will take place at 3:00 p.m. PST ... Francis in San Francisco, Calif. ...
Breaking Biology Technology:CfPIE Announces Partnership with the Society for Clinical Data Management 2CfPIE Announces Partnership with the Society for Clinical Data Management 3Study Published in European Urology Shows that the Decipher Prostate Cancer Classifier is Predictive of Rapid Metastasis in High-Risk Men who have had Prostate Surgery 2Study Published in European Urology Shows that the Decipher Prostate Cancer Classifier is Predictive of Rapid Metastasis in High-Risk Men who have had Prostate Surgery 3Fertility Associates of Memphis Announces Partnership with Donor Egg Bank USA 2Fertility Associates of Memphis Announces Partnership with Donor Egg Bank USA 3Naurex to Present at 33rd Annual J.P. Morgan Healthcare Conference 2
... BRUNSWICK, N.J., Sept. 14 Savient Pharmaceuticals, Inc. (Nasdaq: ... Food and Drug Administration (FDA) has approved KRYSTEXXA™ (pegloticase), ... treatment of chronic gout in adult patients refractory to ... therapy occurs in patients who have failed to normalize ...
... Sept. 14 DSM Biomedical , ... Berkeley based operation, DSM PTG, today announced the company ... held company specialized in developing a dynamic stabilization system ... based posterior motion preservation system for the degenerative lumbar ...
... Inc. (Nasdaq: OPTR ) announced the presentation ... fidaxomicin Phase 3 clinical trials in patients with ... Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) in ... of the University of Cologne, presented data showing that ...
Cached Biology Technology:FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 2FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 3FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 4FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 5FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 6FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 7FDA Approves KRYSTEXXA™ (pegloticase) for the Treatment of Chronic Gout in Adult Patients Refractory to Conventional Therapy 8DSM Biomedical Announces Continued Partnership with Spinelab 2DSM Biomedical Announces Continued Partnership with Spinelab 3Optimer Pharmaceuticals Phase 3 Clinical Trials show Fidaxomicin is Superior to Vancomycin in Treatment of Recurrent Clostridium difficile Infection (CDI); Data Presented at ICAAC 2Optimer Pharmaceuticals Phase 3 Clinical Trials show Fidaxomicin is Superior to Vancomycin in Treatment of Recurrent Clostridium difficile Infection (CDI); Data Presented at ICAAC 3Optimer Pharmaceuticals Phase 3 Clinical Trials show Fidaxomicin is Superior to Vancomycin in Treatment of Recurrent Clostridium difficile Infection (CDI); Data Presented at ICAAC 4Optimer Pharmaceuticals Phase 3 Clinical Trials show Fidaxomicin is Superior to Vancomycin in Treatment of Recurrent Clostridium difficile Infection (CDI); Data Presented at ICAAC 5
(Date:12/17/2014)... 2014  Automation is fundamentally transforming the travel ... at international borders. Over the past decade, ePassports, ... veteran travelers to self process through border control ... at an increasing number of airports, seaports, and ... According to Maxine Most , Principal at ...
(Date:12/11/2014)... 10, 2014  That blood pressure plays a role in ... – the medical term for high blood pressure – was ... the inflatable cuff that,s used in measuring blood pressure was ... nothing new about hypertension, its triggers and its effects. In ... condition and the best ways to treat it. ...
(Date:12/10/2014)...  Wake Forest Baptist Medical Center today announced plans for ... Medicine. Funding for this $50 million capital project is ... publicly launched next summer. The medical ... series R.J. Reynolds Tobacco Company complex, adjacent to 525@vine ... with plans to be ready to welcome medical students ...
Breaking Biology News(10 mins):Automated Border Control (ABC) Transforms the Global Travel Experience With More Than 2500 ABC eGates and APC Kiosks Deployed In Airports, Seaports, and Land Borders Worldwide 2Research points to need for new approaches to treatment of high blood pressure 2Research points to need for new approaches to treatment of high blood pressure 3Research points to need for new approaches to treatment of high blood pressure 4Wake Forest Baptist to Build New Medical Education Facility In Wake Forest Innovation Quarter 2Wake Forest Baptist to Build New Medical Education Facility In Wake Forest Innovation Quarter 3Wake Forest Baptist to Build New Medical Education Facility In Wake Forest Innovation Quarter 4
... the journal Nature Structural and Molecular Biology until ... The Scripps Research Institute have shed new light on a ... to a cell,s energy needs. The studypublished February ... Nature Structural and Molecular Biology shows these recently discovered ...
... Dr. Brandon Moore, assistant professor of biological ... and Natural Sciences, has been named an Environmental ... was selected as one of only ten 2011 ... representing a number of chemical and environmental science ...
... Spanish legislation stipulates that at least 60% of waste ... of glass, 50% of metals and 22.5% of plastics. However, ... in Castelln shows that this minimum requirement is only exceeded ... depositing paper and cardboard stands at 45% in the best ...
Cached Biology News:Scripps Research study sheds light on RNA 'on/off switches' 2Scripps Research study sheds light on RNA 'on/off switches' 3Scripps Research study sheds light on RNA 'on/off switches' 4Louisiana Tech University professor named a 2011 Environmental Health Sciences Fellow 2Spanish cities fail to meet legal requirements on paper and container recycling 2
Compact, portable device, seals 96 and 384 well plates with preset temperature optimised for Eppendorf heat sealing foils and films. Suitable for plates of different heights. AC input: 50/60 Hz230 V...
Volume adapter mounts on top of the 96 well FiltrEX filter plate and allows larger volumes (1mL) to be applied to each well in a filter plate. Adapters are nonsterile....
Rabbit polyclonal to ErbB 2 (phospho Y1248) ( Abpromise for all tested applications). entrezGeneID: 2064 SwissProtID: P04626...
... multi-casting chamber is used for handcasting and vertical ... (8.3 x 7.3 cm) or precast (8.6 x ... of buffer and includes an electrophoresis tank with ... refrigerated circulator (not included), lid with power cables, ...
Biology Products: