utenzi

I know that's a strange title for a post about the stock market but that's how I feel. You see, yesterday Pfizer issued a press release about a company, Encysive Pharmaceuticals, in which I owned stock. Now this is a troubled company, to say the least. I bought 7,000 shares of ENCY (the stock symbol for Encysive) on 6/19/2007 at an average price of $2.1157. That purchase was highly speculative and is the only holding in my Keough account. I admit it's a rather odd stock to hold in a retirement account but I like to take some risks. :-) In the past year, ENCY has been as high as $5.02 and as low as 59 cents. The stock has been threatened with being delisted from NASDAQ and that's essentially the kiss of death. The pink sheets aren't a place where a cash burning company like a biotech can exist for long. You might say the handwriting was on the wall for Encysive--and Pfizer took advantage of this to buy out the company yesterday for $195 million. Now that's not

Pfizer to Acquire Encysive Pharmaceuticals Acquisition Will Extend Presence in Pulmonary Arterial Hypertension with Product Launched in Several EU Countries; Pfizer Plans Pivotal Trial to Support Registration in the U.S. NEW YORK & HOUSTON--(BUSINESS WIRE)--Pfizer Inc today announced that it has entered into an agreement to acquire Encysive Pharmaceuticals Inc. (NASDAQ: ENCY), a publicly held biopharmaceutical company whose product for the treatment of pulmonary arterial hypertension (PAH) is commercially available in much of the European Union and is approved in other markets. Under the terms of the agreement, Pfizer will make a cash tender offer for all issued and outstanding shares of Encysive for $2.35 per share, representing an equity value of approximately $195 million. Following completion of the tender offer, a subsidiary of Pfizer will merge with Encysive, with the outstanding Encysive shares not tendered pursuant to the tender offer converted into the right to receive the