Pfizer Inc, the world's largest pharmaceutical company by revenue, said Tuesday it will buy pain drug maker King Pharmaceuticals Inc. for $3.6 billion in cash.
Pfizer is paying $14.25 per share for King. That's a premium of 40 percent to the stock's Monday closing price of $10.15. Pfizer gains products including the pain drug Avinza, and Embeda, an extended-release pain treatment that is designed to be abuse-resistant.
King, of Bristol, Tennessee, has struggled in recent years as patents on several of its key drugs have expired or been thrown out.
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Times Of India
Pfizer is paying $14.25 per share for King. That's a premium of 40 percent to the stock's Monday closing price of $10.15. Pfizer gains products including the pain drug Avinza, and Embeda, an extended-release pain treatment that is designed to be abuse-resistant.
King, of Bristol, Tennessee, has struggled in recent years as patents on several of its key drugs have expired or been thrown out.
Read more...
Times Of India
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