Pfizer to buy King Pharmaceuticals

The drug giant will expand its offerings by buying the pain-treatment company for $3.6 billion.

By TheStreet Staff Oct 12, 2010 8:47AM

By Adam Feuerstein, TheStreet

 

Pfizer (PFE) has agreed to buy King Pharmaceuticals (KG) for $3.6 billion to bolster its presence in the pain-relief market, Pfizer said Tuesday.

 

The deal values King at $14.25 a share, or a 40% premium over King's closing price of $10.15 a share Monday. Pfizer said the acquisition will have no material impact on 2010 earnings but will add approximately 2 cents a share to estimated 2011 and 2012 earnings.

 

King specializes in pain drugs, including Embeda, an opioid that's resistant to abuse and misuse. King earned $1.10 a share in 2009 on total revenue of $1.78 billion and is expected to earn 68 cents a share on $1.48 billion this year, according to Thomson Reuters.

 

Pfizer said the King acquisition will allow it to expand its current pain offerings, which include Lyrica and Celebrex.

Pfizer shares were down 5 cents to $17.33 in premarket trading.

 

Related Articles

Tags: Pfizer
0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

RECENT QUOTES

WATCHLIST

Symbol
Last
Change
Shares
Quotes delayed at least 15 min
Sponsored by:

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).

Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Sponsored by:

VIDEO ON MSN MONEY