Deal brings Pfizer back to poultry
In a deal worth around US$155 million, Pfizer Animal
Health will soon acquire Embrex, an international agricultural biotechnology
company known for its Inovoject(R) vaccine-delivery systems.
will acquire through a merger 100 percent of the equity
for $17 per
share in cash, making Embrex a wholly-owned subsidiary of Pfizer Inc.
Since selling off its feed-additive business in 2000 to focus on more
innovative products, Pfizer has not served the poultry market.
Embrex is best known for its Inovoject
(R) system, now used to vaccinate more than 80
percent of the poultry raised in North America against Marek's disease. Embrex
is also active in developing new poultry vaccines and vaccine-delivery
The acquisition is subject to approval by the shareholders of Embrex, other
customary closing conditions, clearance under the Hart-Scott-Rodino Antitrust Improvements Act
foreign filings. The two companies expect to finalise the acquisition in the
first quarter of 2007.
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