Pfizer Expands Pain-Management Portfolio With Purchase of King

Pfizer has agreed to buy King Pharmaceuticals for $3.3 billion in a move the drug giant says is designed to expand its portfolio of pain medications. The deal, announced Tuesday, will give Pfizer control of the Tennessee-based company, which had about $1.7 billion in total revenues last year. It is expected to close later this year or in the first quarter of 2011. King has a portfolio of pain drugs, including its best-selling product, the muscle relaxant Skelaxin (metaxalone), which had about $401 million in worldwide sales last year.
Drug Industry Daily