King Pharmaceuticals Extends Tender Offer to Acquire Alpharma

    By Kwame Mensah --

Last month, King Pharmaceuticals, Inc. announced that it is extending its previously announced tender offer for all outstanding shares of Class A Common Stock of Alpharma Inc. (representing a total equity value of approximately $1.6 billion and an enterprise value of approximately $1.4 billion) until 5:00 pm, Eastern time, on November 21, 2008.  The offer however, could be further extended.  The tender offer was originally scheduled to expire on Friday, October 10, 2008.  All other terms and conditions of the tender offer remain unchanged.

Alpharma Inc., headquartered in Bridgewater, New Jersey, is a global specialty pharmaceutical company active in more than 80 countries worldwide with 2007 revenues of $722 million.  Its two top pharmaceutical products are KADIAN® capsules, an extended-release oral formulation of morphine sulfate, and the FLECTOR® Patch, a prescription topical treatment for acute (short-term) pain due to minor strains, sprains, and contusions (bruises).  It is also involved in the development, registration, manufacturing, and marketing of pharmaceutical products and technologies for food producing animals.

King Pharmaceuticals, headquartered in Bristol, Tennessee, calls itself a vertically integrated branded pharmaceutical company.  Acquisition of Alpharma will enhance the company's focus in the markets of neuroscience and acute care.

Comments

[RSK]

The Blog post talks of Alpharma.
The logo is for Alphapharm.
Alphapharm is a part of Mylan while Alpharm has no connection with Mylan.

[Donald Zuhn]

RSK:

Thanks for catching the error. The post has been corrected.

Don