UPDATE: King "committed" to $1.4B bid for Alpharma, seeks to strengthen painkiller franchise
US drugmaker Alpharma has rejected an unsolicited $33 per share cash offer from King Pharmaceuticals. The deal values the New Jersey-based human and animal health company at $1.43 billion, a 37% premium over its closing price before the offer was announced.
The market welcomed news of the bid. When it was disclosed by King, on August 22, Alpharma shares moved up 43% to $34.51 on hopes that it would receive a better offer, while shares in Bristol, Tennessee-based King rose 8.5% to $12.19 in trading on the New York Stock Exchange.
King chief executive Brian Markison said that "the transaction would create a diversified specialty pharmaceutical company with greater commercialization capabilities, an expanded portfolio of pain management products and a strengthened pipeline which would include multiple platform technologies."
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze