Pfizer Buys Embrex For $155 Million
Pfizer Animal Health, a division of Pfizer (PFE), announced that it will be acquiring agricultural biotech Embrex (EMBX) for $17 a share, or $155 million.
Embrex will become a division of Pfizer.
At the heart of the deal is Embrex's Inovoject system, which ensures quality and reliability when innoculating agricultural animals. Pfizer is determined to reenter the poultry and animal agricultural health business as it sees positive trends in that industry.
Embrex was struggling with only $3 million in cash and $6 million in debt. Through the deal, the tiny company recieves the cash infusion it was seeking and Pfizer enters the poultry health market with the Inovoject technology, which can be leveraged for further applications in the future through its Animal Health Division.
This agreement came only two days after Solexa (SLXA) was bought out by Illumina (ILMN) on Monday, continuing the recent trend of large companies buying small biotechs.
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Pfizer Animal Health, a division of Pfizer (PFE), announced that it will be acquiring agricultural biotech Embrex (EMBX) for $17 a share, or $155 million.
Embrex will become a division of Pfizer.
At the heart of the deal is Embrex's Inovoject system, which ensures quality and reliability when innoculating agricultural animals. Pfizer is determined to reenter the poultry and animal agricultural health business as it sees positive trends in that industry.
Embrex was struggling with only $3 million in cash and $6 million in debt. Through the deal, the tiny company recieves the cash infusion it was seeking and Pfizer enters the poultry health market with the Inovoject technology, which can be leveraged for further applications in the future through its Animal Health Division.
This agreement came only two days after Solexa (SLXA) was bought out by Illumina (ILMN) on Monday, continuing the recent trend of large companies buying small biotechs.
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posted by Nico at
6:27 PM
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