NEW YORK (AP) -- Pfizer Inc. said Monday it is extending its $3.6 billion offer for pain drug maker King Pharmaceuticals Inc. to Dec. 17 as it continues to await antitrust approval for the deal.
Pfizer agreed to buy King in October for $14.25 per share. As of Friday, when the tender offer had been scheduled to expire, about 187.3 million shares of King stock have been tendered in support of the deal. That represents about 74.9 percent of the Bristol, Tenn., company's shares.
The companies expect the sale to close in late 2010 or early 2011. The deal required approval from holders of more than 50 percent of King shares and clearance from antitrust regulators.
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.
New York-based Pfizer is the largest drug company in the world by revenue. Its shares lost 24 cents to $16.56 in morning trading. Shares of King Pharmaceuticals rose 3 cents to $14.16. The stock is up 39 percent since the companies agreed to the deal, which valued King shares at a 40 percent premium.