NEW YORK — Pfizer Inc. has closed its $3.6 billion deal to acquire branded drug maker King Pharmaceuticals Inc.
Pfizer said Tuesday that it has completed the acquisition through the merger of its Parker Tennessee Corp. subsidiary into King, which is now a wholly owned subsidiary of Pfizer. The acquisition deal was announced Oct. 12.
"With the addition of King’s talented colleagues and innovative products and technology, Pfizer will offer patients who are in need of pain relief and pain management a broader spectrum of treatment options," commented Ian Read, Pfizer’s president and chief executive officer. "Pfizer’s expanded portfolio also includes King’s Meridian auto-injector business for emergency drug delivery, which develops and manufactures the EpiPen, and its Alpharma animal health business, both of which are complementary to and aligned with Pfizer"s existing businesses."
Read added, "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."
Under the terms of the transaction, each outstanding share of King common stock was converted into the right to receive $14.25, net in cash. Before the merger, Parker Tennessee acquired approximately 92.5% of the outstanding King shares through a tender offer. Effective as of the close of trading on Monday, King common stock ceased trading on the New York Stock Exchange.
