Pfizer Inc. has agreed to buy King Pharmaceuticals Inc. for $3.6 billion, expanding its presence in the market for pain drugs.
On October 12, the company said it would pay $14.25 a share for King, which is 40% over the company’s last closing share price.
Pfizer Inc. has agreed to buy King Pharmaceuticals Inc. for $3.6 billion, expanding its presence in the market for pain drugs.
On October 12, the company said it would pay $14.25 a share for King, which is 40% over the company’s last closing share price.
As Pfizer faces the imminent threat of generic competition to its biggest-selling product, Lipitor, the company said the takeover will allow it to leverage its existing commercial capabilities to create a leading portfolio for pain relief products.
Pfizer’s pain products include Lyrica and Celebrex. King will bring Avinza, the Flector Patch and the recently launched Embeda, the first approved opioid pain product intended to discourage abuse. King has other abuse-resistant pain products in development as well.