This is our short term rating system that serves as a timeliness indicator for stocks over the next 1 to 3 months. How good is it? See rankings and related performance below.
|Zacks Rank||Definition||Annualized Return|
Zacks Rank Education - Learn more about the Zacks Rank
Zacks Rank Home - All Zacks Rank resources in one place
Zacks Premium - The only way to get access to the Zacks Rank
This page is temporarily not available. Please check later as it should be available shortly. If you have any questions, please email customer support at email@example.com or call 800-767-3771 ext. 9339.
Pfizer Inc. (PFE - Analyst Report) recently extended the expiration date of its tender offer for all outstanding shares of Icagen, Inc. (ICGN). The tender offer, which was slated to expire on August 31, 2011 (12:00 midnight, New York City time), is now scheduled to expire on September 1, 2011 (12:00 midnight, New York City time).
As of August 31, 2011, about 4,044,035 shares of Icagen’s common stock were validly tendered. Besides this, Pfizer owns 1,067,015 shares of Icagen’s common stock. Taken together, this represents 49% of the fully-diluted shares of Icagen. An additional 107,431 shares need to be validly tendered - this will fulfill the condition for the minimum number of shares that need to be tendered so as to allow Pfizer to accept for payment and pay for such shares.
Pfizer had first announced its intention to acquire Icagen in July 2011 for $6 per share. The total value of the deal, including the value of the shares already owned by Pfizer, is about $56 million.
With the Icagen deal, Pfizer is looking to add to its already diversified product portfolio. Icagen currently has two programs in epilepsy and pain.
Neutral on Pfizer
We currently have a Neutral recommendation on Pfizer, which carries a Zacks #3 Rank (short-term Hold rating). While near-term earnings growth will come in the form of cost cutting and share repurchases, longer-term growth will be dependent on the success of drug development.
Please login to Zacks.com or register to post a comment.