This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11522704
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Pfizer buys King Pharmaceuticals for $3.6bn | Pfizer buys King Pharmaceuticals for $3.6bn |
| (about 1 hour later) | |
| Drugmaker Pfizer has agreed to buy smaller rival King Pharmaceuticals for $3.6bn (£2.3bn) in cash. | Drugmaker Pfizer has agreed to buy smaller rival King Pharmaceuticals for $3.6bn (£2.3bn) in cash. |
| Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday. | Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday. |
| King has struggled in recent years as patents on several of its key drugs have expired or been thrown out. | King has struggled in recent years as patents on several of its key drugs have expired or been thrown out. |
| Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years. | Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years. |
| The boards of both companies approved the deal. | The boards of both companies approved the deal. |
| In early trading, King shares soared 39%, or $3.99, to $14.14. Pfizer shares rose five cents to $17.43. |