Pfizer Encysive Business Deals

In this paper we will discuss about the recent business deal made by Pfizer Inc. In February 2008, it acquired Encysive Pharmaceuticals Inc. for 195 million dollars. After the completion of the deal, the two companies will be merged. Pfizer wanted to increase its revenue from Europe and that is why they went for the deal.
Pfizer Inc.’s, the biggest research based pharmaceutical organization across the globe, recent business deal had been announced by the end of February 2008. The company owned Encysive Pharmaceuticals Inc., a bio-pharmaceutical company, for 195 million dollars. The discussion about this deal started in 2007.

Encysive Pharmaceuticals Inc. is situated in Houston and it is a public company. Encysive is popular for its products, which are heavily used to treat pulmonary arterial hypertension (PAH). However, the board of directors of the company unanimously approved the deal.

Lazard Fr�res and Co., Gotshal & Manges LLP and LLC and Weil were the advisor for Pfizer in this deal while, Covington & Burling LLP and Morgan Stanley were for Encysive.

Term & Conditions:
Pfizer will place a cash tender offer in front of Encysive Pharmaceuticals Inc. for all its issued and as well as outstanding shares. The price will be 2.35 dollars per share, which will represent an equity value of nearly 195 million dollars.
After the completion of the above-mentioned programs, the merger between Pfizer and Encysive will be completed.
Pfizer will take over the rights to thelin or sitaxsentan sodium, an oral endothelin. In addition to that, Pfizer will also own all the rights to the several other Encysive’s products that are currently in the pipeline.
The whole process will be closed within June 2008.

Deal Objectives:
The deal will increase Pfizer’s revenue from the European pharmaceutical market.
By acquiring Encysive, Pfizer will be able to make a strong presence in the area of cardio-respiratory diseases.
Pfizer will be able to spend more on research and development. Therefore, it will come up with some new medicines and pharmaceutical products

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