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Covington Advises Encysive on Pfizer Deal

2/21/2008

WASHINGTON, DC, February 21, 2008 — Encysive Pharmaceuticals Inc. announced yesterday that it has entered into an agreement to be acquired by Pfizer Inc. 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. Covington & Burling LLP advised Encysive on the deal.

Encysive is a publicly held biopharmaceutical company whose product THELIN® for the treatment of pulmonary arterial hypertension (PAH) is commercially available in much of the European Union and is approved in other markets. Pfizer is the world's largest research-based biomedical and pharmaceutical company. Pfizer will acquire the rights to THELIN and plans to conduct a Phase III trial to support registration in the US.

The Covington team included lawyers from each of the firm's offices and was led by corporate partners John Hurvitz and Stephen Infante. Other members of the team included Peter Laveran, Jonas Marson, Jonathan Mukai, Peter Braun*, and Maia Ridberg* (corporate/M&A), Ed Dixon, Maarika Liivak and Aisha Williams (corporate/life sciences), Robert Newman, James Williamson, Philip Davies, and Peter Cooke (benefits), Rob Heller and Guy Dingley (tax), Marie Lavalleye and Scott Schrader (IP), Grant Castle and Grail Sipes (regulatory), Corrine Goldstein (environmental), and James Dean, Jr., David Hull, and Michael Clancy (antitrust).

*Not yet admitted to practice.

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