NEW YORK Pfizer has received clearance from U.S. and German antitrust reviews to acquire Coley Pharmaceuticals, according to published reports. Coley is a biotech company that specializes in making vaccine technology and drugs to treat cancer, allergies, asthma and autoimmune diseases.
On Nov. 30, Pfizer commenced a tender offer for all of Coley’s outstanding shares for $8 apiece in cash, in an offer worth $164 million. The deal had been on hold until expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and once that occurred on Tuesday, Pfizer received clearance from the Federal Cartel Office of Germany for the buyout offer.
Expiration of the waiting period under the HSR Act and the FCO’s actions meet one of the conditions needed to complete the pending acquisition. Other customary closing conditions still apply. Unless extended, the tender offer is scheduled to expire at midnight on Dec. 28.
The deal though is expected to close in the first quarter of 2008.