NEW YORK (AP) -- Pfizer Inc. said Friday it is extending its tender offer for shares of pain drug maker King Pharmaceuticals Inc. by one week.
The offer is now scheduled to expire Jan. 28 instead of Jan. 21. Pfizer agreed to buy King in October for $3.6 billion, or $14.25 per share.
The offer was originally scheduled to close on Dec. 17, but Pfizer extended it because it needed more time to meet regulatory and antitrust conditions. King Pharmaceuticals is based in Bristol, Tenn.
Shares of Pfizer slipped a penny to $18.23 in morning trading. King shares rose 9 cents to $14.21.
