Pfizer Completes Acquisition Of King Pharmaceuticals, Inc.

Pfizer Inc. announced that it has combined operations with King Pharmaceuticals, Inc. On February 28, 2011, Pfizer completed its acquisition of King through the merger of its wholly owned subsidiary, Parker Tennessee Corp., with and into King. King is now a wholly owned subsidiary of Pfizer. Under the terms of the transaction, each outstanding share of King common stock has been converted into the right to receive $14.25, net in cash (without interest and less any required holding taxes). Prior to the merger, Parker Tennessee Corp. acquired approximately 92.5% of the outstanding King shares through a tender offer. Effective as of the close of trading yesterday, King common stock ceased trading on the New York Stock Exchange. Ian Read, Pfizer president and chief Executive officer said, 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. 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.