Pfizer (NYSE:PFE) announced Tuesday it has closed its $3.6 billion $3.6 billion acquisition of King Pharmaceuticals Inc. on Monday.
Led by President and CEO Ian Read, King Pharmaceuticals Inc. is now a wholly owned subsidiary of Pfizer.
Shareholders of King Pharmaceuticals Inc., under the terms of the deal, will have their common stock converted into right to receive $14.25 for each share they own in the company.
King Pharmaceuticals Inc. stopped trading on the New York Stock Exchange after the Monday close.
Pfizer was trading at $19.26, up $0.02, or 0.13 percent, as of 2:15 PM EST.
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