Pharmaceutical giant Pfizer has completed its acquisition of Bristol, Tenn.-based King Pharmaceuticals for $3.6 billion. King is now a wholly owned subsidiary of Pfizer and the two companies have begun joint operations, according to a Pfizer news release.
Pfizer closes King Pharmaceuticals acquisition
Pfizer completed the all-cash deal, first announced in October 2010, through its subsidiary, Parker Tennessee Corp. Parker acquired roughly 92.5% of King's shares before the deal's closing through a tender offer, according to the release.
The transaction will give Pfizer an advantage in the pain management market, company President and CEO Ian Read said in the release. King's product offerings include emergency injectables such as the EpiPen.
"We believe we are in a position to quickly capitalize on the benefits offered by the combination with King, including a strengthened portfolio, immediate incremental revenues and an anticipated contribution to steady earnings growth and shareholder value," Read said.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.