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 proprietary compounds (PF-05089771) into a phase I single dose escalation study in December 2010, and this trial was expected to have been completed in March 2011.  According to the letter, "trial data are open to Pfizer as they are required to monitor safety.  These data provide Pfizer with an unfair advantage not afforded to all investors to determine the value of this program."

The letter concludes as follows:  "We are not opposed to the acquisition of Icagen by Pfizer at a fair price, but ask for a fair process under which the information held by Pfizer is shared so all Stockholders can make an informed decision.  If Pfizer chooses to keep the details of its partnered programs confidential, based on publicly available information we have to assume the data must be positive and could potentially lead to a commercial opportunity with significant milestones and royalties worth much more than the current price being offered by Pfizer."

About Merlin Nexus

Merlin Nexus, based in New York, is an investment management company focused on crossover private equity investing in the life sciences industry.  Merlin Nexus invests globally in private and public healthcare companies and manages several crossover private equity funds with capital commitments totaling $200 million.  Our investor base consists of financial institutions, funds of funds, family offices and high net worth individuals.

About NLV Partners

New Leaf Venture Partners is a leader in healthcare technology venture investing.  Our investment professionals bring a unique blend of technological, clinical, and operational experience to our investments.  We work closely with our entrepreneurs to help build successful portfolio companies.  We focus primarily on later-stage biopharmaceutical products, early-stage medical devices, and laboratory infrastructure technologies.

New Leaf currently manages $1.1 billion in assets.  This includes our newest fund, New Leaf Ventures II, L.P., which closed with commitments of $450 million in October 2007, New Leaf Ventures I, L.P. and the healthcare technology portfolio of the Sprout Group, one of the oldest U.S. venture capital fund groups.  For more information please visit http://www.nlvpartners.com.


'/>"/>
SOURCE New Leaf Venture Partners
Copyright©2010 PR Newswire.
All rights reserved

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:4/27/2016)... April 27, 2016 NanoStruck ... (OTCPink: NSKQB) ( Frankfurt : 8NSK) ... Pressemitteilung vom 13. August 2015 die Genehmigung von ... um zusätzliche 200.000.000 Einheiten auf 400.000.000 Einheiten zu ... bringen. Davon wurden 157.900.000 Einheiten mit dem ersten ...
(Date:4/27/2016)... ... 2016 , ... PathSensors, Inc., a leading environmental testing company, ... assist PathSensors in expanding the use of the company’s CANARY® technology in the ... for the detection of harmful pathogens, including a number of bacteria, viruses, toxins, ...
(Date:4/27/2016)... 27, 2016 MedDay, a biotechnology company ... the appointment of Catherine Moukheibir as Chairman of its Board ... Jean Jacques Garaud , who contributed to the rapid ... immediately. Catherine started her career in strategy consulting ... London .  She held C-Suite level roles ...
(Date:4/26/2016)... ... 2016 , ... The European Patent Office (EPO) today announced that ... for the European Inventor Award 2016 in the category "Non-European countries." The winners of ... ceremony in Lisbon on June 9th. , The human capacity to walk with fluidity ...
Breaking Biology Technology:
(Date:3/14/2016)... Allemagne, March 14, 2016 ... - --> - Renvoi : image disponible ... --> --> DERMALOG, ... fournit de nouveaux lecteurs d,empreintes digitales pour l,enregistrement ... DERMALOG sera utilisé pour produire des cartes d,identité ...
(Date:3/10/2016)... --  Unisys Corporation (NYSE: UIS ) today announced ... testing its biometric identity solution at the Otay Mesa border ... identify certain non-U.S. citizens leaving the country. ... determine the efficiency and accuracy of using biometric technologies in ... until May 2016. --> the United States ...
(Date:3/8/2016)... 2016   Valencell , the leading innovator ... has secured $11M in Series D financing. The ... venture fund being launched by UAE-based financial services ... investors TDF Ventures and WSJ Joshua Fund. Valencell ... triple-digit growth and accelerate its pioneering innovation in ...
Breaking Biology News(10 mins):