Market commentators have been waiting for some time for Pfizer (NYSE:PFE) to do something on the M&A front. Although Pfizer actually does not have the generic fall-off risk of Lilly (NYSE:LLY) or Bristol-Myers Squibb (NYSE:BMY), the loss of Lipitor to generics is a threat, and analysts have been clamoring for Pfizer to do something to ignite the growth prospects. (For more, see Top-Heavy Pharmaceuticals.)
I am not sure this is quite what anybody had in mind.
On Tuesday morning, Pfizer announced that it was acquiring smaller pharmaceutical company King Pharmaceuticals (NYSE:KG) in an all-cash deal worth $3.6 billion. This deal values King at $14.25 per share, or a 40% premium to the prior day's closing price.
Please click the link to read more:
http://stocks.investopedia.com/stock-analysis/2010/Pfizers-King-For-A-Day-PFE-KG-LLY-BMY-PTIE1014.aspx
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