Pfizer completes tender offer for Coley Pharmaceutical
Pfizer has completed the cash tender offer to purchase all of the outstanding shares of common stock of Coley Pharmaceutical Group, Inc. The tender offer expired on, December 28, 2007.
Pfizer has completed the cash tender offer to purchase all of the outstanding shares of common stock of Coley Pharmaceutical Group, Inc. The tender offer expired on, December 28, 2007.
As the final step of the acquisition process, Pfizer intends to consummate a merger in which remaining Coley shareholders will receive the same $8.00 cash price per share paid in the tender offer. Consummation of the merger is expected to occur within the month. Following the merger, Coley will become an indirect wholly-owned subsidiary of Pfizer.
A total of 24,050,054 shares of Coley common stock were tendered, including 661,444 shares subject to guaranteed delivery procedures. The shares, now in the hands of Pfizer subsidiary Corvette Acquisition Corp., represent approximately 92.2% of Coley's outstanding common shares.
Coley Pharmaceutical Group is developing a new class of immunotherapy drug candidates. Its proprietary TLR Therapeutics target a subtype of immune system receptors called Toll-like receptors (TLRs). Coley's TLR Therapeutics tap the natural power of the immune system, directing targeted and specific immune responses to disorders such as cancer, allergy, asthma and autoimmune diseases.