Summary Box: Pfizer buying King for $3.6B

AP News
Posted: Oct 12, 2010 1:27 PM
Summary Box: Pfizer buying King for $3.6B

A look at Pfizer Inc.'s plan to buy King Pharmaceuticals Inc.

THE PRICE: $3.6 billion, or $14.25 per share.

FOR PFIZER: The deal expands Pfizer's portfolio and would give it access to King's pain drugs and drug candidates, along with the allergy injection EpiPen, treatments for exposure to nerve agents and its animal health business.

WHAT KING GETS: The Bristol, Tenn., company's sales have slumped as patents on some of its top drugs have expired. Sales of King's newest pain drug, Embeda, have been slow, and it has struggled to get others approved.