Pfizer acquires pain drugmaker King Pharma. Pfizer Inc.
Prior to news of the deal, King's shares had declined 17% since Jan. 1 as the company faced competition from generic copies of the muscle relaxant Skelaxin, its top-seller last year. King hasn't closed at $14.25 since September 2007, according to data compiled by Bloomberg. King has been focused on making new painkillers since its top-selling blood-pressure pill Altace went generic in 2007. The company acquired Alpharma Inc. the following year for about $1.3 billion to gain rights to Embeda, which was approved by the U.S. Food and Drug Administration in August 2009. King is also developing Remoxy, a long-acting oxycodone capsule with tamper-resistant features, with Pain Therapeutics Inc. (San Mateo CA). The drug is designed to be a safer alternative to OxyContin, made Purdue Pharma LP (Stamford CT). King has said it plans to re-file Remoxy to the FDA before the end of the year. The drug was delayed in December 2008 when the agency asked for more data.
King shares closed the week up $3.85, or 36%, at $14.16. Pfizer rose 29 cents, or 2%, to $17.75.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||TOP STORIES|
|Date:||Oct 18, 2010|
|Previous Article:||Novice doctors will be getting shorter work shifts, along with stricter supervision, but a medical student group said that the changes don't do...|
|Next Article:||NY faces $200 billion in retiree health costs.|