Purchasing a drug that has not been FDA approved...but used in Europe, Encysive, used for hypertension...developed by Pfizer researchers....BD
Its latest leap of faith is with Encysive (nasdaq: ENCY - news - people ), the maker of thelin. Thelin treats pulmonary arterial hypertension or high blood pressure in the heart. The drug is already being marketed in the European Union, Australia and Canada, but has come up for U.S. Food and Drug Administration approval three times without results.
Pfizer will pay $195 million, or $2.35 per share, in cash for all of the company's issued and outstanding shares. The transaction is expected to close in the second quarter of 2008. Pfizer's offer was 8.7% higher than Encysive's opening share price on Wednesday, the day the deal was announced. Shares of the company shot up 110.2%, or $1.19, to $2.27 by close on Wednesday. While Pfizer's share stayed relatively flat with only a slight increase of .5%, or 10 cents to $22.47.