2007 Deal of the Year (Public Company)

Embrex, Inc.

RTP-based Embrex pioneered the development and use of in ovo injection technology, an approach to poultry disease prevention that improves consistency and reliability by inoculating chicks while they are still in the egg. Founded in 1985 as a spinout from NC State, the company went public in 1991 as the first IPO by a North Carolina-based biotech company. In January 2007, it was announced that Pfizer Animal Health, a division of Pfizer, acquired Embrex as a wholly owned subsidiary for an aggregate equity purchase of approximately $155 million.