Pfizer owns roughly 1.1 million Icagen common shares, a 14.2% stake in the company, stemming from a research and licensing agreement that the Dow component entered with Icagen back in 2007.
Securities and Exchange Commission filing after Friday's closing bell, Pfizer detailed the stake and said it's now "evaluating the possibility of entering into a strategic transaction" with Icagen, and disclosed that representatives of both parties have held preliminary talks about a potential deal and amended prior agreements to allow Pfizer to conduct some due diligence.
Icagen, based in Research Triangle Park, N.C., issued its own statement after the close, acknowledging it's "currently engaged in preliminary discussions with Pfizer" and adding that "no definitive agreement has been reached."Icagen shares were last quoted at $5, up more than 100%, on volume of roughly 15,000, according to Nasdaq.com. Based on a regular session close at $2.40, the stock was already up more than 35% so far in 2011. Other stocks active in Friday's after-hours action included MannKind (MNKD), which rose nearly 8% to $4.30 on volume of 350,000. The company said after the closing bell that two separate studies of its proposed diabetes treatment Afrezza found the drug showed no increased risk of cardiac events. MannKind also said a separate study found type 1 diabetes using Afrezza, an insulin inhalation powder, have a "more positive view of therapy" compared to compared to standard insulin therapy. MannKind shares are down almost 40% in the past 52 weeks. Universal Forest Products (UFPI) was also active, falling more than 15% to $22.25 on volume of more than 25,000 after the Grand Rapids, Mich.-based company said it's reducing its workforce and taking other cost-cutting actions because of weak sales. "Retail sales during what is historically our busiest selling season didn't materialize as expected this year, and in order to preserve our opportunity for profitability and to ensure we're properly sized for our business opportunities moving forward, we have undertaken additional cost-cutting measures," said CEO Michael Glenn, in a statement.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV