Pfizer: Proposed Coley sale moves forward

Drug maker Pfizer Inc. said today it cleared U.S. and German antitrust reviews to acquire Coley Pharmaceutical Group Inc.

Wellesley-based Coley specializes in making vaccine technology and drugs to treat cancer, allergies, asthma, and autoimmune diseases.

On Nov. 30, Pfizer commenced a tender offer for all of Coley's outstanding shares for $8 apiece in cash, in an offer worth $164 million.

Pfizer said today the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired, and that it has received clearance from the Federal Cartel Office of Germany for the buyout offer.

Expiration of the waiting period under the HSR Act and the FCO's actions meet one of the conditions needed to complete the pending acquisition. Other customary closing conditions still apply.

Unless extended, the tender offer is scheduled to expire at midnight on Dec. 28.

On the New York Stock Exchange, shares of New York-based Pfizer rose 23 cents to $23.22 in morning trading, while Coley's stock gained 4 cents to $7.98 on the Nasdaq Stock Market. (AP)