Just in from the Pharmalot blog, Pfizer will pay $3.6 B to acquire King Pharmaceuticals. The move is designed to expand Pfizer's pain reliever portolio. King Pharmaceuticals has long-acting morphine and long-acting OxyContin among its assets. Pfizer will also own the skeleton muscle relaxant Skelaxin and the Flector pain patch.
Pfizer is preparing itself for huge losses in revenue expected next year when its Lipitor cholesterol pill loses patent exclusivity and generic versions go on sale. Last year, Pfizer bought Wyeth and has simultaneously been exiting various areas of research, shedding thousands of jobs and closing facilities as it tries to remake itself.
King - between its drug assets and $3.6 B - is feeling no pain this morning. We'll see what Pfizer does to integrate the company and what that will mean for facilities and staff in the near future. Though nothing was stated, I'm sure there are opportunities for the dreaded "synergies" (read as cuts) in this acquisition too.
Posted by Bruce Lehr October 12th 2010.
More on this story from Fierce Biotech
http://www.fiercebiotech.com/story/pfizer-embraces-pain-pipeline-3-6b-king-buyout/2010-10-12?utm_medium=rss&utm_source=rss
Posted by: bigredbruce | 10/12/2010 at 08:29 AM