Pfizer Inc (NYSE:
PFE) entered into an agreement to acquire Coley Pharmaceutical Group, Inc. (NASDAQ:
COLY) for $8 per share, or $164 million, a significant premium to yesterday's close of $3 per share.
Coley specializing in vaccine adjuvant technology and a new class of immunomodulatory drug candidates designed to fight cancers, allergy and asthma disorders, and autoimmune diseases.
Other small biotechs may be higher today on the news. Idera Pharmaceuticals, Inc. (AMEX:
IDP) could be one.