A
AALARD
Guest
Pfizer to acquire King Pharmaceuticals
NEW YORK, -- U.S. drugmaker Pfizer said Tuesday it had agreed to purchase King Pharmaceuticals Inc. for $3.6 billion or $14.25 per share.
The price of the deal, agreed to by the boards of both companies, was set at a 40 percent premium above King's closing share price on Oct. 11 and 46 percent above the average share price for the past month, Pfizer said in a statement.
Pfizer said the acquisition would give it immediate diversification, capitalizing on King's business in pain treatments and their Meridian auto-injector for emergency drug delivery. King also specializes in health-related animal feed additives.
Pfizer's Chairman and Chief Executive Officer Jeffrey Kindler said, "We are highly impressed by King's innovative products and technology in the pain relief disease area, as well as by its success in advancing promising compounds in its pipeline."
King Chairman and CEO Brian Markison said, "We believe Pfizer can build on our foundation and take our business to the next level."
What's in it for King beyond the cash? "Pfizer's commercial, medical and regulatory expertise, global strength in patient services and reimbursement, and global scale and resources," Markison said.
NEW YORK, -- U.S. drugmaker Pfizer said Tuesday it had agreed to purchase King Pharmaceuticals Inc. for $3.6 billion or $14.25 per share.
The price of the deal, agreed to by the boards of both companies, was set at a 40 percent premium above King's closing share price on Oct. 11 and 46 percent above the average share price for the past month, Pfizer said in a statement.
Pfizer said the acquisition would give it immediate diversification, capitalizing on King's business in pain treatments and their Meridian auto-injector for emergency drug delivery. King also specializes in health-related animal feed additives.
Pfizer's Chairman and Chief Executive Officer Jeffrey Kindler said, "We are highly impressed by King's innovative products and technology in the pain relief disease area, as well as by its success in advancing promising compounds in its pipeline."
King Chairman and CEO Brian Markison said, "We believe Pfizer can build on our foundation and take our business to the next level."
What's in it for King beyond the cash? "Pfizer's commercial, medical and regulatory expertise, global strength in patient services and reimbursement, and global scale and resources," Markison said.