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King Pharmaceuticals To Acquire Alpharma for Approximately $1.6 Billion
Date:11/24/2008

ts, together with other new medicines expected to emerge from the pipeline, will further advance King's ability to deliver outstanding stockholder value.

King expects the transaction will be accretive to its diluted earnings per share, excluding any special items, in the second full year following completion of the transaction and anticipates achieving synergies of $50 million to $70 million over the same time period. King expects that these synergies will be derived principally from G&A, R&D, and savings to be achieved by avoiding the expense of hiring additional sales representatives for the anticipated launch of REMOXY(R).

King currently anticipates that the transaction will be completed by the end of 2008. However, King's amended offer is subject to the satisfaction of customary conditions contained in the merger agreement, which also will be described in the amended tender offer documents to be filed with the SEC and mailed to Alpharma stockholders.

Credit Suisse and Wachovia Securities are acting as financial advisors, and Dewey & LeBoeuf LLP is acting as legal counsel, to King. Banc of America Securities LLC and Simpson Thacher & Bartlett LLP are acting as financial advisor and legal counsel for Alpharma, respectively.

About REMOXY

REMOXY, an investigational drug, is a unique, abuse-resistant, controlled-release oxycodone for moderate-to-severe chronic pain. REMOXY's high viscosity, liquid formulation in a hard gelatin capsule is designed to resist common methods of prescription drug misuse and abuse. The New Drug Application for REMOXY is currently undergoing a priority review by the Food and Drug Administration ("FDA"). If approved, the companies believe REMOXY could be the first oxycodone on the market that is designed to reduce the risk of misuse and abuse. REMOXY is a proposed brand name that is subject to FDA approval.


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SOURCE King Pharmaceuticals, Inc.
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