Pfizer (NYSE:PFE) Extends King (NYSE:KG) Offer Citing More Time Needed

Pfizer (NYSE:PFE) announced late Wednesday that it has extended the time period in connection to its $3.6 billion tender offer for King Pharmaceuticals Inc. (NYSE:KG), citing the need for more time to meet antitrust and regulatory requirements.

Originally the offer was to close on December 17, but has now been pushed out to January 21, 2011. The deal is now expected to close sometime in the early part of 2011.

Some of the value added to Pfizer by the acquisition of King includes Thrombin-JMI, Avinza, EpiPen, and pain drugs built to resist addiction.

Pfizer closed Wednesday at $17.08, down $0.03, or 0.18 percent. King closed even at $14.22.