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Pfizer Animal Health Completes Acquisition of Embrex, Inc.

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


Diane Iselin, +1-212-733-8095

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