Pfizer Inc. has announced that its wholly-owned subsidiary, Parker Tennessee Corp., has accepted for purchase all of the shares validly tendered and not validly withdrawn pursuant to its tender offer for all outstanding shares of common stock of King Pharmaceuticals, Inc. (NYSE: KG) at a purchase price of $14.25 per share, net to the seller in cash, without interest thereon and subject to any required withholding taxes.

The offering period and withdrawal rights expired at 5:00pm, New York City time on 28 January 2011.

American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has indicated that, as of the expiration of the offering period, approximately 230,719,938 shares were validly tendered and not validly withdrawn prior to the expiration of the offering period. The shares validly tendered and not validly withdrawn represent approximately 92.5 per cent of the outstanding shares of King common stock. Parker Tennessee Corp. will promptly pay for such shares in accordance with the terms of the tender offer.

Promptly upon acceptance for payment of, and payment by Parker Tennessee Corp. for, tendered shares in the offer, in accordance with the terms of the merger agreement, individuals designated by Pfizer will constitute a majority of the King Board of Directors.

Pfizer intends to complete the acquisition of King through a short-form merger under Tennessee law on or about 28 February 2011, without a vote of the remaining shareholders of King. As a result of the merger, each remaining share of King common stock will be converted into the right to receive $14.25 per share, net in cash, without interest and less any required withholding taxes. Information regarding the merger is being mailed to King shareholders who did not tender their shares in the tender offer and, following completion of the merger, instructions will be mailed to those shareholders outlining the steps to be taken to obtain the merger consideration.

Upon completion of the merger, King will become a wholly-owned subsidiary of Pfizer and King's common stock will cease to be traded on the NYSE.