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Pfizer is working on its eighth straight loss after failing near heavy resistance.
Shares of Pfizer have been on the decline, losing some 5% from its January 5 high of $33.61 a share.
CoLucid will be acquired for $46.50 per share, a 33% premium to the stock's closing price Tuesday.
The $101 billion market cap pharma could be put in play or targeted by an activist investor soon.