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Pfizer purchases Vicuron Pharmaceuticals for $1.9 billion cash
By Jennifer Chiou
New York, June 16 - Pfizer Inc. announced it will acquire Vicuron Pharmaceuticals, Inc. for $1.9 billion in cash, or $29.10 per share.
The price represents a 74% premium over Vicuron's 90-day average closing price and 21% over its highest historical closing price of $24.10 on Jan. 16, 2004.
Vicuron, a King of Prussia, Pa.-based biopharmaceutical company focused on the development of anti-infectives for hospital-based and community-acquired infections, has two products under new drug application review at the FDA.
The drugs are anidulafungin for fungal infections and dalbavancin for gram-positive skin and soft tissue infections, both of which showed positive Phase III testing results.
The FDA review is expected to be complete before Sept. 21.
"By acquiring Vicuron, we can help bring two very important new medicines to patients around the world," Hank McKinnell, chairman and chief executive officer of Pfizer, said in a news release.
New York-based Pfizer, which already has an existing collaboration with Vicuron, said it has made significant advances in the discovery of potential next-generation oxazolidinones, the first new class of antibiotics in over 30 years.
"We believe this transaction is in the best interests of our shareholders and will enable Vicuron's two near-term products to utilize Pfizer's capabilities in order to fully achieve their potential," said George F. Horner III, president and chief executive officer of Vicuron, in a news release.
Lazard and Cadwalader, Wickersham & Taft LLP advised Pfizer in the transaction while Morgan Stanley and O'Melveny & Myers LLP advised Vicuron.
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