Pfizer completes Icagen takeover

Pfizer has announced that Icagen is now a wholly-owned subsidiary of the US pharmaceutical giant.

The acquisition was completed after Pfizer merged its Eclipse subsidiary with Icagen, which is known for its expertise in the development of pain control drugs.

According to Pfizer, the North Carolina-based company will become part of its worldwide research and development organisation. It will be integrated into Neusentis, the research unit that encompasses pain, sensory disorders and regenerative medicine.

Ruth McKernan, senior vice-president of Pfizer and chief scientific officer of Neusentis, said the company is "excited" about the acquisition of Icagen.

"Their understanding of ion channel mechanisms will enhance our ability to develop novel drugs for the treatment of pain and related disorders," she commented.

Pfizer's move for Icagen was announced in July, when the aggregate value of the transaction was estimated at $56 million (34.9 million pounds).

The two companies entered into a worldwide collaboration agreement to research and develop new treatments for pain and related disorders in 2007.