November 16, 2006

Pfizer buys top US poultry vaccine producer Embrex

Pfizer Inc.'s the world's largest drugmaker, would acquire Embrex Inc., an agricultural biotechnology company that vaccinates 80 percent of North American poultry.

The acquisition marks the company's return to the poultry market after it exited the

feed-additive business in 2000.

Pfizer is offering US$155 million in cash, or US$17 a share, the companies said in a PR Newswire statement. The purchase price exceeds yesterday's closing price for Embrex stock by 43 percent.

The division had sales of US$2.2 billion last year.

Embrex, based in Research Triangle Park, North Carolina, introduced technology for vaccinating chicks while they are still developing in eggs.

The company's products include a widely used vaccine against Marek's disease , which Embrex says is given to eight of 10 chickens and turkeys raised in North America.