SOURCE: Industrial Info Resources

Industrial Info Resources

October 14, 2010 05:30 ET

Cash Is King to the Tune of $3.6 Billion in Pfizer Offer, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - October 14, 2010) - Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas) -- Drug giant Pfizer Incorporated (NYSE:PFE) (New York, New York) went on a shopping expedition in search of replacements for its aging branded drug portfolio and left a $3.6 billion cash offer on the table to buy King Pharmaceuticals Incorporated (NYSE:KG) (Bristol, Tennessee). It is just the latest round of acquisitions in the Pharmaceutical Industry as companies scramble to replace the profits lost on the patent-loss chopping block. Pfizer's latest headache is spurred by the November 2011 patent death of the anti-cholesterol drug Lipitor.

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