Merlin Nexus and New Leaf Venture Partners, Icagen's institutional investors, reiterated their opposition to Pfizer's $56 million offer for the drugmaker, saying the bid is inadequate. Icagen, which is developing painkillers, should be priced $11 to $19 a share, or $100 million to $165 million, the investors said in a letter to Icagen's board of directors.

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