Tuesday, March 1, 2011

Pfizer (PFE) Closes $3.6 Billion Acquisition of King Pharmaceuticals

Pfizer (NYSE:PFE) announced Tuesday it has closed its $3.6 billion $3.6 billion acquisition of King Pharmaceuticals Inc. on Monday.

Led by President and CEO Ian Read, King Pharmaceuticals Inc. is now a wholly owned subsidiary of Pfizer.

Shareholders of King Pharmaceuticals Inc., under the terms of the deal, will have their common stock converted into right to receive $14.25 for each share they own in the company.

King Pharmaceuticals Inc. stopped trading on the New York Stock Exchange after the Monday close.

Pfizer was trading at $19.26, up $0.02, or 0.13 percent, as of 2:15 PM EST.

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