Cash is King to the Tune of $3.6 Billion in Pfizer Offer

SUGAR LAND--October 14, 2010--Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Drug giant Pfizer Incorporated (NYSE:PFE) (New York, New York) went on a shopping expedition in search of replacements for its aging branded drug portfolio and left a $3.6 billion cash offer on the table to buy King Pharmaceuticals Incorporated (NYSE:KG) (Bristol, Tennessee). It is just the latest round of acquisitions in the Pharmaceutical Industry as companies scramble to replace the profits lost on the patent-loss chopping block. Pfizer's latest headache is spurred by the November 2011 patent death of the anti-cholesterol drug Lipitor.