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Law Firm Brower Piven Announces Investigation of Icagen, Inc.

^{Published on 2011-07-20 07:46:03 - Market Wire}
 

STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Icagen, Inc. (aIcagena) (NASDAQ: ICGN) and other violations of state law by the Board of Directors of Icagen relating to the proposed acquisition of the company by Pfizer Inc. (aPfizera) (NYSE: PFE). The firma™s investigation seeks to determine whether Icagena™s Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.

On July 20, 2011, Icagen and Pfizer jointly announced that they have entered into a definitive merger agreement for Pfizer, which currently owns approximately 11% of Icagena™s fully diluted shares, to acquire the remaining 8.3 million shares at a price of $6.00 per share. The press release states that the aggregate transaction value, including the value of the shares currently owned by Pfizer, is approximately $56 million. Under the terms of the definitive merger agreement, Pfizer will promptly commence a tender offer to purchase all of the outstanding shares of Icagen common stock for $6.00 per share in cash. While there has been some news of a potential acquisition of Icagen by Pfizer since the end of June 2011, the tender offer price represents a 23% discount to the prior closing price. Indeed, in a recent quarterly earnings conference call, Icagen announced avery positivea financial results for 2010 and that it was in avery solid shape going into 2011,a with at least one analyst setting a target price of $8.00 per share.

If you own Icagen common stock and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.