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.
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.