Pfizer Buys 87 Percent of Encysive

Drug maker Pfizer Inc. said it acquired about 87 percent of Encysive Pharmaceuticals Inc. in its tender offer to shareholders that closed Monday.

The company's offer to buy outstanding shares for $2.35 apiece valued Encysive at $195 million. Encysive shares lost a penny to $2.34 in morning trading.

Pfizer also announced a subsequent offering period to acquire all of the remaining untendered shares at the same price. The offer expires at 5:00 p.m. EDT on Friday.

Pfizer bought the biopharmaceutical company to strengthen its product portfolio for treating high blood pressure.