Murray Frank LLP Investigates Icagen, Inc.
MURRAY FRANK LLP is investigating claims of breaches of fiduciary duties by certain members of the Board of Directors of Icagen, Inc., (NASDAQ:ICGN) (“Icagen” or the “Company”) in relation to the acquisition of the Company by Pfizer, Inc. (NYSE:PFE) (“Pfizer”).
On July 20, 2011, Icagen and Pfizer announced that they had entered into an agreement under which Pfizer, which currently owns approximately 11% of Icagen’s fully diluted shares, would acquire Icagen’s remaining 8.3 million shares for $6.00 per share, a transaction valued at $56 million, including Pfizer’s existing ownership of the Company.
The investigation seeks to determine whether certain members of Icagen’s Board of Directors breached their fiduciary duties to Icagen shareholders in connection with their efforts to sell Icagen to Pfizer at an inadequate price which significantly undervalues the Company. Indeed, the $6.00 per share offer price is a nearly 23% discount to Icagen’s closing stock price of $7.75 per share on July 19, 2011, the day before the proposed acquisition was announced.
If you are a current investor in Icagen who purchased Icagen shares before July 20, 2011, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Katherine E. Smith at (800) 497-8076 or (212) 682-1818, or by email at
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