Tennessee-based drug maker King Pharmaceuticals, whose Canadian products include the EpiPen auto-injector and the thyroid hormone drug Cytomel, on Nov. 24 announced a US$1.6 billion, $37-per-share all-cash deal to buy New Jersey drug and animal health firm Alpharma.
Alpharma’s livestock products registered in Canada include feed additives Albac and BMD, antibiotics 3-Nitro and Histostat, and other products such as Deccox, Bovatec and Aureo. King said in a Nov. 24 release that Alpharma’s animal health division will “increase the diversification of King’s business and is expected to provide steady cash flow to fuel future strategic initiatives.”
Past that, Jack Howarth, Alpharma’s vice-president of investor relations, said in a brief interview it was too early to discuss specifics yet on what the merger will mean for Alpharma’s Canadian business or animal health offerings. The deal is expected to be completed by the end of 2008.