The drug major Pfizer Inc has completed the acquisition of all remaining outstanding shares of common stock of Encysive Pharmaceuticals Inc. The acquisition was completed through a merger of Pfizer's wholly-owned subsidiary Explorer Acquisition Corp with Encysive. Encysive is now a wholly-owned subsidiary of Pfizer.
Following the merger, each share of Encysive's outstanding common stock was cancelled and converted into the right to receive $2.35 per share in cash, without interest and less any required withholding taxes. Prior to the merger, Explorer Acquisition Corp acquired approximately 85.33 per cent of the outstanding Encysive shares by tender offer.
As the result of the merger, Encysive's common stock will cease to be traded on the Nasdaq Global Market.
Source: www.pharmabiz.com
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