Pfizer Animal Health Announces Intention to Acquire Research Triangle Park-Based Embrex, Inc.

November 20, 2006

Pfizer Animal Health, a division of Pfizer Inc., will acquire Research Triangle-based Embrex, Inc. both companies announced. Under the Agreement, Pfizer will acquire 100% of Embrex’s equity for $17.00/share in cash, making Embrex a wholly-owned subsidiary of Pfizer, Inc. The total equity purchase price approximates $155 million. Pfizer and Embrex anticipate completion of the acquisition in the first quarter of 2007, subject to approval by Embrex’s shareholders, Hart-Scott-Rodino Antitrust Improvements Act clearance and other closing conditions.

In 1991, Embrex became the first biotechnology company in North Carolina to complete an initial public offering. Smith Anderson, led by Corporate practice group head Gerald F. Roach, served as counsel to Embrex in its initial public offering and subsequent financings and transactions, including the process which led to the Pfizer Acquisition.

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