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January 19, 2007
NEW YORK-Pfizer Animal Health, a division of Pfizer Inc (NYSE: PFE) today announced the completion of its acquisition of Embrex, Inc. (Nasdaq: EMBX), an international agricultural biotechnology company known for its Inovoject(R) vaccine-delivery systems. Completion followed the Embrex shareholder meeting today at which Embrex shareholders approved the merger. The transaction has an aggregate equity purchase price of approximately $155 million. With the completion of the acquisition, Embrex is now a wholly-owned subsidiary of Pfizer, and will continue to be based in Raleigh-Durham, NC. Embrex common stock is no longer publicly traded and was de-listed from NASDAQ as of the close of the market on January 19, 2007. Under the terms of the merger each share of Embrex common stock outstanding has been converted into the right to receive $17.00 in cash, without interest. Pfizer has appointed The Bank of New York as the paying agent for payment of the merger consideration. The paying agent ...