Pfizer closes Embrex buyout |
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Published
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Fri, 19 Jan 2007 23:41
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NEW YORK (AFX) - Pfizer Inc. said Friday its animal health division completed the $155 million buyout of biotechnology company Embrex Inc., which makes vaccine delivery systems.The deal closed after Embrex shareholders approved the buyout. Embrex is now a wholly owned subsidiary of Pfizer and will continue to operate out of Raleigh-Durham, N.C. Each share of Embrex common stock has been converted into the right to receive $17 in cash without interest.Shares of Pfizer rose 5 cents to close at $27.22 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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