Pfizer buys Icagen

7/20/11Follow @arleneweintraub

New York-based drug giant Pfizer (NYSE: PFE) is acquiring Icagen (NASDAQ: 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.

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