By Lisa Kerner
Charlotte, N.C., Nov. 16 - Pfizer Inc. agreed to acquire Coley Pharmaceutical Group, Inc. for $8 per share in a deal valued at some $164 million. Coley shareholders collectively owning 27% of Coley's shares have agreed to tender their shares in the offer.
The transaction is slated to close early in 2008, according to a company news release.
"This acquisition is an important component of Pfizer's vaccine strategy and reflects our commitment to research new and more effective vaccines to prevent infectious diseases and to treat cancers and other debilitating conditions," Pfizer chairman and chief executive officer Jeffrey B. Kindler said in the release.
Coley specializes in vaccine adjuvant technology and a new class of immunomodulatory drug candidates designed to fight cancers, allergy and asthma disorders and autoimmune diseases.
Pfizer was advised by Lazard Frères and Co., LLC and Covington & Burling, LLP. Coley was advised by JPMorgan and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC.
Coley is a Wellesley, Mass.-based biopharmaceutical company.
Pfizer is a pharmaceutical company located in New York.
| Acquirer: | Pfizer Inc.
|
| Target: | Coley Pharmaceutical Group, Inc.
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| Announcement date: | Nov. 16
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| Transaction total: | $164 million
|
| Price per share: | $8.00
|
| Expected closing: | Early 2008
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| Stock price of target: | Nasdaq: COLY: $3.00 on Nov. 15
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