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.
Source: Business Wire