Tender Offer Expires at 10:00 AM, New York City Time, Monday,
December 29, 2008
King Pharmaceuticals, Inc. (NYSE: KG) and Alpharma Inc. (NYSE: ALO)
today announced that the U.S. Federal Trade Commission has provisionally
accepted a proposed consent order for public comment and has terminated
the Hart-Scott-Rodino waiting period applicable to King’s proposed
acquisition of Alpharma.
Under the proposed consent order, King will be required to divest
certain assets related to Alpharma’s drug, KADIAN® (morphine
sulfate extended-release), following closing of the acquisition of
Alpharma.
As previously announced, the tender offer is scheduled to expire at
10:00 a.m., New York City time, on Monday, December 29, 2008.
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.
About Alpharma Inc.
Alpharma is a global specialty pharmaceutical company with leadership
positions in products for humans and animals. Alpharma is presently
active in more than 80 countries. Alpharma has a growing branded
pharmaceutical franchise in the U.S. Alpharma is also internationally
recognized as a leading provider of pharmaceutical products for poultry
and livestock.
About King’s Forward-Looking Statements
This press release contains forward-looking statements. King
Pharmaceuticals, Inc. 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. Such
statements are based on management’s current expectations, but actual
results may differ materially due to various factors such as King’s
ability to complete the tender offer as expected; King’s ability to
achieve the synergies and value creation contemplated by the proposed
transaction; King’s ability to promptly and effectively integrate the
businesses of Alpharma Inc.
