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What: King Pharmaceuticals
So what: Pfizer will pay $3.6 billion in cash for King, the maker of the Flector Patch and Embeda. The $14.25 price per share represents a 40% premium from Monday's price.
Now what: Pfizer has been looking for new products to soften the loss of exclusivity for Lipitor. With King, Pfizer also gets development partnerships with Pain Therapeutics
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