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Pfizer Completes Offer For King Pharma Shares

World's largest drug maker completed a tender offer to purchase shares of King Pharmaceuticals and intends to finish the acquisition by end of February.

NEW YORK (AP) -- Pfizer Inc., the world's largest drugmaker, said Monday it completed a tender offer to purchase shares of King Pharmaceuticals Inc. and intends to finish the acquisition by the end of February.

The New York drugmaker said Monday about 93 percent of King's outstanding shares were validly tendered and not withdrawn prior to a Jan. 28 deadline. Pfizer had offered to purchase the shares for $14.25 each in cash.

Pfizer agreed to buy King, which is based in Bristol, Tenn., in October for $3.6 billion. It had extended the tender offer a few times before setting the Jan. 28 deadline.

Pfizer, which is reporting its quarterly results Tuesday, said it will complete the deal through a short-form merger without a vote from remaining King shareholders.

Pfizer shares climbed 5 cents to $18.20 in morning trading, while King shares were up a penny to $14.23.

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