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Embeda

Pfizer Inc.

Drug Names(s): Kadian NT, Kadian with naltrexone, Morphine plus naltrexone hydrochloride ER; ALO-01

Description: Alpharma's Abuse-Deterrent, Extended-Release Opioid (Embeda) is a combination of Kadian (an extended release morphine for pain relief) with a sequestered core of the opioid antagonist, naltrexone. The product is desiged such that if taken as directed, the naltrexone will remain sequestered, but if the capsule is crushed, chewed, or dissolved (for drug abuse), the naltrexone will be released so euphoria will be abated.

Deal Structure: On September 12, 2008, King Pharmaceuticals announced that it commenced a tender offer, through a wholly owned subsidiary, to acquire all of the outstanding shares of Class A Common Stock of Alpharma for $37 per share in cash. The deal was unanimously rejected by Alpharma's board on September 26, 2008.

In November 2008, King Pharmaceuticals and Alpharma announced that the two companies signed a definitive merger agreement under which King will acquire all of the outstanding shares of Class A Common Stock of Alpharma for $37.00 per share in cash for a total equity value of approximately $1.6 billion.

In December 2008, King completed its acquisition of Alpharma.

In October 2010, Pfizer and King Pharmaceuticals announced that they have entered into a definitive merger agreement. In February 2011, Pfizer completed its acquisition of King.


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