
Pfizer Inc. has said it will pay $3.6 billion to purchase King Pharmaceuticals, which specializes in pain medications.
New York City-based Pfizer already has a large stake in the pain drug market with its drugs Lyrica and Celebrex, which together accounted for more than $5 billion in sales in 2009. However the company is keen to shore up its portfolio with King's work on ‘abuse-resistant’ pain drugs, while also taking advantage of the opportunity for cost-cutting.