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Home Industry News Pfizer completes King Pharmaceuticals takeover

Pfizer completes King Pharmaceuticals takeover

2nd March 2011

Pfizer has completed its acquisition of King Pharmaceuticals and is beginning joint operations with its new subsidiary as of the start of this month.

The takeover deal has been concluded following the merger between King and the wholly-owned Pfizer business Parker Tennessee Corp, which has now been subsumed by King.

Pfizer originally announced its plans to acquire King Pharmaceuticals in October 2010, with the purchase valued at $3.6 billion (2.21 billion pounds).

Representing the company's largest takeover deal since its merger with Wyeth in late 2009, the transaction allows Pfizer to expand its presence in the pain relief market, adding a number of new products to its portfolio.

These include the EpiPen drug delivery system, which is manufactured by King's Meridian auto-injector business.

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."ADNFCR-8000103-ID-800437372-ADNFCR

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