NEW YORK — Pfizer has entered a definitive agreement to acquire a biopharmaceutical company that focuses on the development of pain treatments.
Pfizer, which currently owns a near 11% stake in Icagen, will acquire the company's remaining 8.3 million shares. The aggregate transaction value, which includes the value of the shares currently owned by Pfizer, is about $56 million.
The two companies entered a discovery, development and commercialization collaboration in 2007, which sought to create potential treatments for pain and related disorders.
“We’re excited that Icagen, a global leader in pain research, will join Pfizer, further strengthening our innovative core,” said Ruth McKernan, SVP of Pfizer’s Pain & Sensory Disorders and Regenerative Medicine unit, known as Neusentis. “Icagen’s capabilities and core ion channel technology will help to further expand Pfizer’s position in the pain relief disease area and our ability to develop potential first-in-industry drugs for the treatment of pain and related disorders.”
Pfizer and Icagen expect the deal to be completed by the end of the year.