Pfizer Starts $3.6B Tender Offer For King

NEW YORK (AP) -- Pfizer Inc. said Friday it has begun its $3.6 billion tender offer for King Pharmaceuticals Inc.

On Oct. 12, Pfizer said it would buy the company for $14.25 per share, which marked a premium of 40 percent to King's value at the time.

Along with abuse-resistant pain drugs made by King, the deal gives Pfizer other products, including EpiPen, a pre-filled injection designed to quickly treat serious allergic reactions; Thrombin-JMI, designed to control bleeding; the Flector pain patch; and the pain drug Avinza.

The tender offer is set to expire Nov. 19. The companies are targeting a late fourth-quarter or early first-quarter closing date for the deal.

Shares of Pfizer fell 10 cents to $17.53 in afternoon trading.

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