Pfizer extends King tender offer until January

NEW YORK Wed Dec 15, 2010 7:06pm EST

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NEW YORK (Reuters) - Pfizer Inc (PFE.N) is extending its offer to buy King Pharmaceuticals Inc KG.N to January 21, the world's largest drugmaker said on Wednesday.

About 47 percent of outstanding King shares were tendered as of December 14, Pfizer said.

Pfizer agreed in October to buy King for $3.6 billion to shore up earnings ahead of the evaporation of revenue from Lipitor, its biggest product.

Pfizer, which is digesting last year's $67 billion acquisition of Wyeth, said it would use cash to pay $14.25 a share for King -- a 40 percent premium over King's closing share price before the deal was announced.

The deal would expand Pfizer's presence in the market for pain drugs by adding King's pain portfolio to products such as Lyrica and Celebrex.

(Reporting by Ransdell Pierson. Editing by Robert MacMillan)

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