Pfizer Buys King Pharmaceuticals for $3.6 Billion
Pfizer is paying $3.6 billion to buy King Pharmaceuticals, a Tennessee-based painkiller producer.
King Pharmaceuticals is already involved in several types of medicine including veterinary medicine and emergency medical products as well.
For Pfizer this new acquisition gives them the change to expand their lines to other territories in medicine.
This is Pfizer major deal after their purchase of Wyeth last year. The deal comes out to $14.25 per share of King Pharmaceuticals.
Jeffrey Kindler (Pfizer Chief Executive)
Jeffrey Kindler, Pfizer’s chief executive, said about the recent purchase:
"We are highly impressed by King’s innovative products and technology in the pain relief disease area, as well as by its success in advancing promising compounds in its pipeline."