(NEW YORK) -- Pfizer is buying King Pharmaceuticals, the maker of the EpiPen emergency drug system and pain drugs containing elements meant to prevent misuse of the drug. The $3.6 billion dollar cash deal has Pfizer beginning a tender offer, paying $14.25 per share, which represents a 40 percent premium on King's Monday closing price.
In addition to the EpiPen, King makes pain medicines like Skelaxin and Embeda, along with drugs used in the veterinary field. Pfizer Chief Executive Jeffrey Kindler issued a statement saying the combination of Pfizer and King's portfolios is "highly complementary."
The King deal represents Pfizer's first major purchase since it bought Wyeth last year.
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