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In a statement, Pfizer said it would buy out King for a share price of $14.25 apiece, representing a 40 per cent premium over the its closing price on October 11.

The company will be eligible to enter the US market with its generic version of Eisai Co's Aricept, the patent for which will expire in November this year.
The company has initiated the phase-II study of an insulin sensitising compound, being developed for the treatment of type-2 diabetes, in India and Europe.
Multinationals are closing in on Big Pharma, but there are enough mid-size stars as well.
The Indian drug-maker's subsidiaries have now increased their economic interest in Taro to 48.7 per cent and their voting rights to 65.8 per cent.
Chairman Habil Khorakiwala said the company has already sorted out the issues of Indian lenders, with only a few left to be taken care of over the next few months.
The biotech firm said Angiozyme, its biotech molecule targeted at colorectal cancer, will conduct trials on 150 people from across India.
India becomes a hot market for optional vaccines.
Two years after it slammed into a US regulatory wall, Ranbaxy Laboratories, under its Japanese owners, is working the hard way to be back among the stars.
US reforms are likely to bring business to health care, insurance BPO firms.