NEW YORK, Jan. 19 /PRNewswire-FirstCall/ -- Pfizer Animal Health, a
division of Pfizer Inc (NYSE: PFE) today announced the completion of its
acquisition of Embrex, Inc. (Nasdaq: EMBX), an international agricultural
biotechnology company known for its Inovoject(R) vaccine-delivery systems.
Completion followed the Embrex shareholder meeting today at which Embrex
shareholders approved the merger. The transaction has an aggregate equity
purchase price of approximately $155 million.
With the completion of the acquisition, Embrex is now a wholly-owned
subsidiary of Pfizer, and will continue to be based in Raleigh-Durham, NC.
Embrex common stock is no longer publicly traded and was de-listed from
NASDAQ as of the close of the market on January 19, 2007.
Under the terms of the merger each share of Embrex common stock
outstanding has been converted into the right to receive $17.00 in cash,
without interest. Pfizer has appointed The Bank of New York as the paying
agent for payment of the merger consideration. The paying agent will mail
to each Embrex shareholder of record a transmittal letter with instructions
on how to receive payment for their shares. Shareholders do not need to
take any action regarding their shares until contacted by the paying agent.
With 2005 sales of $2.2 billion, Pfizer Animal Health is a global
leader in discovering, developing and marketing medicines and vaccines for
livestock, including beef and dairy cattle and swine, and companion
animals. Since selling off its feed-additive business in 2000 to focus on
more innovative products, Pfizer has not served the poultry market.
SOURCE Pfizer Animal Health
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