Icagen‘s (NASDAQ:ICGN) sale to Pfizer (NYSE:PFE) hangs in the balance by 39,799 shares.
That’s the minimum number of shares that need to be tendered for the $56 million sale to proceed. Pfizer extended to 6 p.m. today the expiration date of its offer. In July, Pfizer announced an agreement with Icagen to acquire the pain drug development company for $56 million cash, or $6 per share.
Today’s extension is the second in as many days. As of midnight Thursday, the deadline of the first extension, 49.6 percent of fully diluted shares of Icagen were tendered for the sale. Pfizer needs a majority of shares to move ahead with the Icagen acquisition.
Some shareholders have opposed Pfizer’s price saying the offer undervalues Icagen’s drug pipeline of novel pain treatment candidates. Two institutional investors, Merlin Nexus and New Leaf Venture Partners, claim the potential of Icagen’s early stage drug candidates makes the company worth between $11 and $19 per share — up to $165 million.
But Icagen tried for years to find an acquirer and Pfizer’s $56 million cash offer this year beat out two other bids, the company disclosed in securities filings. Pfizer has said that it will not raise its offer beyond $6 per share.
