Pfizer extends subsequent offering period for Encysive

By Lisa Kerner

Charlotte, N.C., April 8 - Pfizer Inc. subsidiary Explorer Acquisition Corp. extended the subsequent $2.35-per-share tender offer for all of the outstanding shares of common stock of Encysive Pharmaceuticals Inc. to 5 p.m. ET on April 14 from April 7, it was announced on Tuesday.

According to the depositary for the offer, a total of 67,435,726 shares, or some 83.3%, of Encysive's outstanding common stock had been tendered as of April 7, a Pfizer news release said.

Following completion of the subsequent offering period, Explorer Acquisition will acquire all of the remaining outstanding shares of the Houston biopharmaceutical company's common stock by way of a merger under Delaware law that does not require shareholder approval.

Under Pfizer's agreement with Encysive, Explorer Acquisition has the right to designate a number of individuals to the Encysive board of directors. The designees will constitute a majority of the board.

Georgeson, Inc. (800 546-8249) is the information agent for the tender offer.

On Feb. 20, Pfizer, a New York pharmaceutical company, announced an agreement to acquire Encysive for $2.35 per share in a cash tender offer with an equity value of $195 million.

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