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Mag. My Hue McGowran
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New York (pte045/16.06.2005/16:36) - Pfizer Inc http://www.pfizer.com today, Thursday, agreed to buy Vicuron Pharmaceuticals Inc, developer of anti-infectives, for US$1.9 billion (eur 1.5 billion).
The world's largest maker of drugs will pay $29.10 in cash for each of Vicuron's shares, a 74 per cent premium to the stock's three-month closing price.
Following the expiration and plunging of Pfizer's anti-fungal Diflucan patent in the US last year, buying the Pennsylvanian-based Vicuron may help the company's sales of anti-infectives.
"This transaction builds on Pfizer's extensive experience in anti-infectives," said Hank McKinnell, chairman and chief executive officer of Pfizer.
Anti-infectives for both hospital and community acquired infections are developed by Vicuron. The two products currently under marketing approval review have shown positive results in late-stage studies.
Vicuron's chief executive officer George Horner III said: "We believe this transaction ... will enable Vicuron's two near-term products to utilize Pfizer's capabilities in order to fully achieve their potential."
Pfizer hopes that anidulafungin will significantly advance treatment of serious fungal infections.
The deal is expected to close in the third quarter of 2005.
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