King, Pfizer deal

Pfizer will acquire King in a tender offer of $14.25 per share, or $3.6 billion in cash. The price is a 40% premium to King's close of $10.15 on Oct. 11, before the deal was announced. The boards of both companies have approved the tender offer, which is expected to close this quarter or next.

Pfizer said King's pain products are complementary to its own portfolio, which includes pain drugs Lyrica pregabalin and Celebrex celecoxib. King markets Avinza extended-release morphine, controlled-release OxyContin oxycodone and Embeda, an extended-release formulation of morphine, as well as topical NSAID patch Flector. Pfizer will also gain King's Meridian auto-injector for emergency drug delivery and its Alpharma animal health business. ...