Pfizer will buy Tennessee-based painkiller maker King Pharmaceuticals for $3.6 billion. Pharmalot has more:
In the latest example of how Pfizer is trying to become a Hollywood-like conglomerate, the drugmaker has agreed to pay $3.6 billion to buy King Pharmaceuticals, which sells various pain medications. Among them is a tamper-resistant form of long-acting morphine called Embeda, which was actually developed by Alpharma, a company that King purchased last year.
King also is developing a tamper-resistant, long-acting form of oxycodone called Remoxy that would compete with a new form of OxyContin that the FDA approved this month for sale by Purdue Pharma. Pfizer will also own the Skelaxin muscle relaxant and the Flector pain patch. The drugmaker has gone on record saying it wants to expand its so-called pain portfolio, which currently includes the Celebrex arthritis drug and the Lyrica nerve treatment (see the Pfizer statement).
The move comes, of course, as Pfizer hunkers down to prepare for huge losses in revenue expected next year when the Lipitor cholesterol pill loses patent exclusivity and generic versions go on sale.
King Pharmaceuticals itself is in several businesses, with verticals in veterinary medicine and emergency medical products. The acquisition gives Pfizer a nice little branch on its corporate tree.