Icagen Stockholders Contest Proposed Acquisition Price of $6/share by Pfizer in Letter to Board

Merlin Nexus and New Leaf Venture Partners, stockholders in Icagen, Inc. ICGN, disclosed today a letter submitted to the Icagen Board contesting the Company's planned acquisition by Pfizer Inc PFE. According to a July 20, 2011 press announcement, Pfizer plans to purchase the 8.3 million shares of Icagen stock it already does not own at a price of $6.00 per share, resulting in an aggregate transaction value of approximately $56 million. Merlin Nexus and NLV Partners “believe the purchase price dramatically undervalues Icagen's assets and is not in the best interests of all stockholders.”