New York-based drug giant Pfizer (NYSE: [[ticker:PFE]]) is acquiring Icagen (NASDAQ: [[ticker:ICGN]]), a biotech company based in Research Triangle Park, NC, for $56 million, according to a press release. The two companies have been collaborating since 2007 to develop new pain drugs that manipulate sodium ion channels. Pfizer already owned 11 percent of Icagen’s stock. The acquisition is expected to close by the end of the year.
Author: Arlene Weintraub
Arlene is an award-winning journalist specializing in life sciences and technology. She was previously a senior health writer based out of the New York City headquarters of BusinessWeek, where she wrote hundreds of articles that explored both the science and business of health. Her freelance pieces have been published in USA Today, US News & World Report, Technology Review, and other media outlets. Arlene has won awards from the New York Press Club, the Association of Health Care Journalists, the Foundation for Biomedical Research, and the American Society of Business Publication Editors. Her book about the anti-aging industry, Selling the Fountain of Youth, was published by Basic Books in September 2010.
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