Pfizer extends $3.6 billion tender offer for King Pharma, as all conditions still not met

Global drugs behemoth Pfizer (NYSE: PFE) has extended the expiration date of its tender offer for all outstanding shares of common stock of King Pharmaceuticals (NYSE: KG) for $14.25 per share, or around $3.6 billion, announced last month and aimed at expanding its presence in the pain relief market (The Pharma Letter October 13).

The tender offer, previously due to close on November 19, is now scheduled to expire at 12:00 midnight, New York City time on December 17, 2010), unless further extended. All other terms and conditions of the tender offer remain unchanged.

Pfizer says the offer is being extended because certain conditions are not yet satisfied, including the expiration or earlier termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and applicable foreign antitrust or competition laws. Pfizer and King are now targeting a late-fourth quarter 2010 or first-quarter 2011 completion of the tender offer, assuming satisfaction of the conditions to the tender offer, including receipt of the appropriate regulatory clearances.