(Provides details about talks between drugmakers)
NEW YORK, June 24 Pfizer Inc (PFE.N) said on
Friday it is considering a "strategic transaction" with Icagen
Inc ICGN.O, a tiny biotechnology company in which Pfizer
holds a 14.2 cent stake.
Icagen shares jumped $1.61, or 67 percent, to $4.01 in
after hours trading, following the announcement.
"Icagen representatives and Pfizer employees have engaged
in preliminary discussions regarding a potential strategic
transaction," Pfizer said in a regulatory filing.
The world's largest drugmaker, which owns almost 1.1
million common shares of Icagen, said the company had given it
access to due diligence materials.
Pfizer forged in 2007 a research and licensing deal with
Icagen, relating to medicines to treat pain and related
disorders. The biotech is based in Research Triangle Park,
Pfizer said ongoing talks with Icagen could lead to an
extension or amendment of their longstanding agreement. The
drugmaker said a strategic transaction could influence or
change control of Icagen "by means of a stock or asset
acquisition or merger."
Icagen, in a release late on Friday, acknowledged it is
engaged in preliminary discussions with Pfizer regarding a
potential strategic transaction. But it noted there can be no
assurance any agreement will be reached.
(Reporting by Ransdell Pierson; editing by Andre Grenon)