January 22, 2007

Pfizer Animal Health acquires Embrex, Inc

Pfizer Animal Health, a division of Pfizer Inc has acquired Embrex, Inc, an international agricultural biotechnology company known for its Inovoject(R) vaccine-delivery systems.

The transaction has an aggregate equity purchase price of approximately US$155 million.

Under the terms of the agreement, Pfizer has acquired through a merger 100 percent of the equity of Embrex for US$17 per share in cash, making Embrex a wholly-owned subsidiary of Pfizer Inc.

Pfizer has appointed the Bank of New York as the paying agent for payment of the merger consideration.

With 2005 sales of US$2.2 billion, Pfizer Animal Health is a leading firm in discovering, developing and marketing medicines and vaccines for livestock, including beef and dairy cattle and swine, and companion animals.

Since selling off its feed-additive business in 2000 to focus on more innovative products, Pfizer has not served the poultry market.