Pfizer, the world's largetst pharmaceutical company by revenues bought King Pharmaceuticals for $3.6bn
in cash.
Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday.
King has struggled in recent years as patents on several of its key drugs have expired or been thrown out.
Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years.
The boards of both companies approved the deal. In early trading, King shares soared 39%, or $3.99, to $14.14. Pfizer shares rose five cents to $17.43.
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