Pfizer Buying Vicuron For Nearly $2 Billion
Pfizer is acquiring Vicuron Pharmaceuticals, a company that is dedicated to novel anti-infectives for both hospital-based and community-acquired infections.
Along with this conmpany comes two drugs used for fighting fungus and bacteria. They are called Anidulafungin and Dalbavancin, and they are both currently under New Drug Application (NDA) at the FDA.
“By acquiring Vicuron, we can help bring two very important new medicines to patients around the world,” said Pfizer chairman and CEO Hank McKinnell.
In the transaction that is valued around $1.9 billion, Pfizer will acquire all outstanding shares of Vicuron common stock at $29.10 per share in cash.
“This transaction builds on Pfizer’s extensive experience in anti-infectives and demonstrates our commitment to strengthen and broaden our pharmaceutical business through strategic product acquisitions,” said McKinnell.
The two companies aren’t strangers. They have been working together on researching potential next-generation oxazolidinones, which is the first new class of antibiotics in over thirty 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 Vicuron President and CEO George F. Horner III. “We are pleased to have a world leader in anti-infective medicines, with a long history of success in the area, introduce these product candidates into the market.”
Completion of this transaction is of course subject to regulatory approval, as well as Vicuron shareholder’s approval and other customary closing conditions. The acquisition is expected to be completed during the third quarter of this year.
Vicuron shares closed at $15.80 yesterday, and were up $12.10, or 77%, to $27.90 in premarket trading today. Pfizer’s shares were down 23 cents to $28.20 in premarket trading.