World Pharma News - Alpharma Responds To Unsolicited Proposal By King Pharmaceuticals, Inc.

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Alpharma Responds To Unsolicited Proposal By King Pharmaceuticals, Inc.

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Alpharma Responds To Unsolicited Proposal By King Pharmaceuticals, Inc.

Monday, 25 August 2008

Alpharma, Inc. (NYSE: ALO), a global specialty pharmaceutical company, confirmed that it received an unsolicited, non-binding proposal from King Pharmaceuticals, Inc. (NYSE: KG) to acquire all of the outstanding shares of Alpharma for $33.00 per share in cash. Alpharma said that proposal was identical in all material respects to two prior proposals made privately by King to the company.

Having thoroughly reviewed all relevant aspects of King's proposal in consultation with its financial and legal advisors, Banc of America Securities LLC and Simpson Thacher & Bartlett LLP, respectively, and in the context of the value Alpharma is creating, Alpharma's Board of Directors has determined the non-binding proposal to be not in the best interests of Alpharma shareholders.

Alpharma communicated its response to King in a letter sent from Dean J. Mitchell, President and Chief Executive Officer, to Brian A. Markison, King's Chairman, President and Chief Executive Officer.

About Alpharma
Alpharma Inc. (NYSE: ALO) is a global specialty pharmaceutical company with leadership positions in products for humans and animals. Alpharma is presently active in more than 80 countries. Alpharma has a growing branded pharmaceutical franchise in the U.S. pain market with its KADIAN® (morphine sulfate extended-release) Capsules, and the FLECTOR® Patch (diclofenac epolamine topical patch) 1.3%. Alpharma is also internationally recognized as a leading provider of pharmaceutical products for poultry and livestock. For more information, visit http://www.alpharma.com.

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