Pfizer moves to acquire majority stake in Icagen

NEW YORK — Pfizer has completed its initial cash tender offer for all the shares of drug maker Icagen that it doesn't already own, Pfizer said Tuesday.

Pfizer, which already owns an 11% stake in Icagen, announced Thursday that it would acquire a majority stake in the company. As of Friday, when the initial tender offer period expired, about 4.6 million shares of Icagen had been put up for sale; combined with Pfizer's existing stake, this represents about 64% of the North Carolina-based maker of drugs for pain, epilepsy and inflammation.

Pfizer is offering Icagen shareholders $6 per share and said the new offering period would expire next Monday, at which point any shares put up for sale will be accepted for payment immediately.