Drug maker Pfizer Inc. (PFE) Agreed to buy King Pharmaceuticals Inc. (KG) for $ 3.6 Billion in cash, a deal That nudged modestly Soften the blow of next year's EE loss of market exclusivity for Pfizer's blockbuster drug Lipitor Cholesterol.
The Proposed Acquisition, Which at $ 14.25 a share represents King, a 40% premium on Monday's closing Thurs price, will expand Pfizer's painkiller and animal-health businesses while also Life Presenting an Opportunity for cost Savings.
King shares' rose 39.5% on Tuesday to $ 14.16 while Pfizer was up 2 cents at $ 17.40.
The ...
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