Pfizer moves forward in Icagen acquisition deal

NEW YORK — The offering period for Pfizer's acquisition of Icagen has expired, allowing the former to purchase more than 5 million shares in the company, Pfizer said.

Pfizer said that as of Monday, 5.4 million shares of Icagen had been put up for sale. Along with the 1.1 million shares Pfizer already owns, this would give it control of 70.2% of Icagen, which develops drugs for pain and other conditions. Pfizer plans to acquire the remaining shares as well.

Pfizer and Icagen announced in July a deal whereby Pfizer would acquire all the remaining 8.3 million shares of Icagen for $56 million, or $6 per share.