King Pharmaceuticals, Alpharma announce confidentiality agreement

By Lisa Kerner

Charlotte, N.C., Oct. 6 - Alpharma Inc. entered into a confidentiality agreement with King Pharmaceuticals, Inc. on Oct. 3, it was reported in a schedule 14D-9 filed with the Securities and Exchange Commission.

There can be no assurance that any transaction between Alpharma and King will be announced or consummated as a result of the agreement, the filing said.

King began a $37-per-share tender offer for Alpharma on Sept. 12. The offer is set to end at 5 p.m. ET on Oct. 10, it was previously reported.

Alpharma's board of directors had called the offer inadequate and urged shareholders not to tender their shares.

The Federal Trade Commission requested additional information regarding King's proposed acquisition of Alpharma, according to a prior SEC filing.

As previously reported, King, a Bristol, Tenn., pharmaceutical company, chose to take its $1.6 million offer directly to Alpharma shareholders following Alpharma's rejection and said it is also prepared to begin a consent solicitation to replace Alpharma's board of directors if necessary.

Alpharma is a Bridgewater, N.J.-based specialty pharmaceutical and animal health company.

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