Pfizer agreed Tuesday to King Pharmaceuticals, maker of painkillers, purchased for $ 3600000000 in cash, the drug maker's first blockbuster since its purchase of Wyeth last year.
Under the agreement, Pfizer will launch a tender offer in which $ 14.25 per share in cash, a 40 percent premium of the King of closing stock price Monday of payment.
Through the agreement, Pfizer expects to increase its exposure to analgesics, a company expected to grow as the aging of the population. King focuses on pain drugs, mechanisms to prevent abuse.
Beyond pain medication and embed as Skelaxin, King also makes the EpiPen emergency medicine, and several veterinary drugs.
"We are highly innovative products and technology in the area of King's pain from the disease struck, and its success in promoting promising compounds in the pipeline," said Jeffrey Kindler, Pfizer chief in a statement.
"The combination of our respective portfolios in this area of medical necessity are highly complementary and will allow a greater range of treatment options for patients around the world to offer on the need for pain relief and management."
The king himself is no stranger to deal making: a hostile bid followed a month for Alpharma in 2008 to finally seal increased its offer to $ 1,500,000,000 from $ 1,400,000,000 to the merger.
Under the agreement, Pfizer will launch a tender offer in which $ 14.25 per share in cash, a 40 percent premium of the King of closing stock price Monday of payment.
Through the agreement, Pfizer expects to increase its exposure to analgesics, a company expected to grow as the aging of the population. King focuses on pain drugs, mechanisms to prevent abuse.
Beyond pain medication and embed as Skelaxin, King also makes the EpiPen emergency medicine, and several veterinary drugs.
"We are highly innovative products and technology in the area of King's pain from the disease struck, and its success in promoting promising compounds in the pipeline," said Jeffrey Kindler, Pfizer chief in a statement.
"The combination of our respective portfolios in this area of medical necessity are highly complementary and will allow a greater range of treatment options for patients around the world to offer on the need for pain relief and management."
The king himself is no stranger to deal making: a hostile bid followed a month for Alpharma in 2008 to finally seal increased its offer to $ 1,500,000,000 from $ 1,400,000,000 to the merger.
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