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October 12, 2010
NEW YORK, October 12, 2010 — King Pharmaceuticals and Pfizer announced today that they have entered into an agreement for Pfizer to acquire all of the outstanding stock and stock equivalents of King for $14.25 in cash per share, or aggregate consideration of $3.6 billion. Covington & Burling LLP advised King on the transaction.
King is a vertically integrated branded pharmaceutical company that seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products and technologies that complement the company’s focus in specialty-driven markets, particularly neuroscience and hospital. King’s wholly owned subsidiary, Alpharma, LLC, is also a leader in the development, registration, manufacture and marketing of pharmaceutical products for food producing animals.
The New York and Washington-based Covington team was led by corporate partners Jack Bodner and Scott Smith, with associates Russell Valdez, Kyle Rabe, Maia Ridberg, Silas Lum* and Patrick Manchester*. Also advising on the transaction were Covington life sciences practice co-chair John Hurvitz, partner Mike Francese and associate Mary DeYoung (benefits), partners Larry Hobel, based in San Francisco (environmental), Fred Knecht (securities) and Peter Safir (food & drug), and antitrust partner James Dean and co-chair Deborah Garza, with Brussels-based special counsel Miranda Cole, and associate Jesse Gurman. In addition, partner Rob Heller advised on tax aspects, of counsel Heather Haberl advised on real estate matters, and partner Lee Tiedrich and of counsel Kathleen Gallagher-Duff provided IP advice, along with London-based special counsel Sinan Utku.
*Not yet admitted to practice.