Pfizer completes $195 million Encysive acquisition

Drug maker Pfizer Inc. on Tuesday said it closed its $195 million acquisition of Encysive Pharmaceuticals Inc.

In February, Pfizer announced a $2.35-per-share cash tender offer for Houston-based Encysive.

The acquisition gives Pfizer rights to Encysive's drug development pipeline, including Thelin, an oral drug to treat pulmonary arterial hypertension, or high blood pressure in the pulmonary artery. The drug has had a rocky regulatory history, with the Food and Drug Administration declining to approve the drug on three occasions.

Shares of Pfizer fell 20 cents to $17.82 in midday trading, after earlier trading as low as $17.71, its lowest point in nearly 11 years.