Pfizer to Buy King Pharmaceuticals for $3.6 Billion
October 13th, 2010 - 1:53 am ICT by Angela Kaye MasonOct 12 (THAINDIAN NEWS) On Tuesday, Pfizer made the announcement that they will be purchasing King Pharmaceuticals in a 3.6 billion dollar deal which will only add to the portfolio of the world’s biggest pharmaceutical company.
This will be the largest deal made by Pfizer since they purchased Wyeth for sixty eight billion last year. Pfizer, the producer of both Lyrica and Celebrex already has a large place in the pain killer market, and is now adding King to that, hoping that their work on “abuse resistant” pain killers will be a big pay off.
King has produced both Remoxy and Acurox, as well as Embeda. REmoxy and Embeda are both like OxyContin, which is the number one selling painkiller in the United States. All of these drugs are meant to slowly release the narcotic oxycodone into the system, however the time release actions of OxyContin are defeated when users crush the product, giving them a heroine-like high. The new drugs are designed to avoid this.
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Tags: celebrex, dollar deal, heroine, killer market, king pharmaceuticals, lyrica, new drugs, oxycodone, oxycontin, pain killer, pain killers, painkiller, pfizer, pharmaceutical company, remoxy, time release, united states