King Pharmaceuticals, Inc. (NYSE: KG) today announced that it is extending its previously announced tender offer for all outstanding shares of Class A Common Stock of Alpharma Inc. (NYSE: ALO) until 5:00 pm, New York City time, on November 21, 2008, unless the offer is further extended. The tender offer was originally scheduled to expire at 5:00 pm, New York City time, on Friday, October 10, 2008. All other terms and conditions of the tender offer remain unchanged.

As of the close of business on October 10, 2008, approximately 18.8 million shares of Class A Common Stock of Alpharma (including approximately 3.4 million shares subject to guarantees of delivery), representing approximately 45% of all outstanding shares, were validly tendered and not withdrawn pursuant to the tender offer.

On September 12, 2008, King Pharmaceuticals announced that it commenced a tender offer to acquire all the outstanding shares of Class A Common Stock of Alpharma for $37 per share in cash, representing a total equity value of approximately $1.6 billion and an enterprise value of approximately $1.4 billion. This offer represents a 67% premium over the closing price of Alpharma Class A Common Stock on August 4, 2008, the date of King’s initial private written proposal to Alpharma, a 54% premium over the closing price on August 21, 2008, the last trading day prior to public disclosure of King’s proposal, and a 60% premium over Alpharma’s average closing price during the twelve-month period ended August 21, 2008.

Credit Suisse and Wachovia Securities are acting as financial advisors, and Dewey & LeBoeuf LLP is acting as legal counsel, to King. Innisfree M&A Incorporated is acting as information agent for King’s offer.

About King Pharmaceuticals, Inc.

King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. King, an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products and technologies that complement the Company’s focus in specialty-driven markets, particularly neuroscience, hospital and acute care. King strives to be a leader and partner of choice in bringing innovative, clinically-differentiated medicines and technologies to market.

Forward-looking Statements

This press release contains forward-looking statements. King Pharmaceuticals, Inc. (“King”) disclaims any intent or obligation to update these forward- looking statements. All statements contained in this document that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements.