Pfizer to Buy Embrex

The deal is worth $155 million.
Author:
Publish date:

The animal-health division of drug giant

Pfizer

(PFE) - Get Report

has agreed to acquire

Embrex

(EMBX)

, a maker of vaccine-delivery technologies, for $155 million.

Under the agreement, Pfizer will acquire the shares of Embrex for $17 each. Embrex was gaining 40% to $16.63.

The acquisition is subject to approval by Embrex shareholders and antitrust authorities. The deal, which is expected to be completed in the first quarter of 2007, will make Embrex a wholly owned subsidiary of Pfizer.

"This acquisition represents an excellent opportunity to leverage Embrex's innovative technologies and for Pfizer to reenter the poultry business," said Juan Ramon Alaix, president of Pfizer Animal Health.

Shares of Pfizer were adding 1.3% to $26.60.