Pfizer completes tender offer for Esperion

World pharmaceutical giant Pfizer says that it has completed the cash tender offer to acquire all outstanding shares of Esperion Therapeutics, for $35.00 net per share, without interest. Pfizer announced its $1.3 billion bid for Esperion at the end of last year (Marketletter January 5 & 12). Approximately 35.6 million shares (including around 7.3 million subject to guaranteed delivery) of Esperion's common stock (including the associated preferred stock purchase rights), representing more than 93% of the latter's outstanding common stock, were tendered in the offer.

Pfizer intends to complete its acquisition of Esperion through a merger by early next week. As a result, all remaining publicly-held shares of Esperion common stock that were not validly tendered and purchased in the tender offer, except those shares for which dissenters' rights under applicable law have been properly exercised, will be converted into the right to receive $35.00 net per share in cash, without interest, subject to applicable withholding. Following the merger, Esperion will become a wholly-owned subsidiary of Pfizer.