Pfizer Inc. said Tuesday that a subsidiary, Explorer Acquisition Corp., has extended an offer to April 14 for the drug maker to acquire all of Encysive Pharmaceuticals Inc.'s remaining untendered stock.
Under the tender offer, Explorer Acquisition is offering to buy Encysive's outstanding shares for $2.35 apiece in cash. Roughly 67.4 million shares, or about 83.3 percent of the stock, had been tendered by the previous expiration date on Monday.
Pfizer bought the biopharmaceutical company to strengthen its product portfolio for treating high blood pressure.
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