Pfizer Buys King Pharmaceuticals
Pfizer agreed on Tuesday to buy King Pharmaceuticals, a maker of pain medications, for $3.6 billion in cash, within the drug maker’s 1st main offer because its blockbuster obtain of Wyeth last yr.
Under the terms with the agreement, Pfizer will begin a tender offer by which it is going to pay $14.25 a share in cash, a 40 percent premium to King’s Monday closing stock price.
Through the deal, Pfizer expects to extend its publicity to the pain medication market, a company which is expected to grow because the population ages. King focuses on making pain drugs which have mechanisms developed to stop abuse.
Beyond pain drugs like like Skelaxin and Embeda, King also makes the EpiPen emergency drug injector and numerous veterinary drugs.
King itself is no stranger to deal-making: it pursued a months-long hostile bid for Alpharma in 2008, finally raising its provide to $1.5 billion from $1.4 billion to seal the merger.
Pfizer was suggested by JPMorgan Chase and the law firm Cadwalader, Wickersham & Taft. King was advised by Credit Suisse and also the law firm Covington & Burling.
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