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
will mail to each Embrex shareholder of record a transmittal letter with
instructions on how to receive payment for their shares. Shareholders do
not need to take any action regarding their shares until contacted by
the paying agent.
With 2005 sales of $2.2 billion, Pfizer Animal Health is a global leader
in discovering, developing and marketing medicines and vaccines for
livestock, including beef and dairy cattle and swine, and companion
animals. Since selling off its feed-additive business in 2000 to focus
on more innovative products, Pfizer has not served the poultry market.
Web site: http://www.pfizer.com
(PFE
EMBX)
Diane Iselin, +1-212-733-8095