Pfizer adds R&D depth with $164 million Coley acquisition
Pfizer today said it will acquire Wellesley, MA-based Coley Pharmaceutical for $164 million to add depth to its vaccine research and boost development of drug candidates to fight cancers, allergy and asthma disorders and autoimmune diseases.
Under terms of the deal, Pfizer will make an offer of $8 a share for all of Coley's common stock, representing a premium of more than double the firm's $3 a share Thursday closing price.
“This acquisition is an important component of Pfizer's vaccine strategy and reflects our commitment to research new and more effective vaccines to prevent infectious diseases and to treat cancers and other debilitating conditions.” said Pfizer CEO Jeffrey Kindler in a statement.
Kindler added that Coley's product candidate portfolio has the potential to “significantly enhance” approaches to alzheimers, asthma, infectious disease and oncology.
The acquisition is expected to close early in 2008.