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King Pharmaceuticals To Acquire Alpharma for Approximately $1.6 Billion
Date:11/24/2008

Combination to Create a Leading Specialty Pharmaceutical Company with Greater Commercialization Capabilities, Expanded Portfolio of Pain Management Products and a Strengthened Pipeline

King Extends Tender Offer Through December 19, 2008

BRISTOL, Tenn. and BRIDGEWATER, N.J., Nov. 24 /PRNewswire-FirstCall/ -- King Pharmaceuticals, Inc. (NYSE: KG) and Alpharma Inc. (NYSE: ALO) today announced that the two companies have 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. The Boards of Directors of both companies have unanimously approved the transaction.

Under the terms of the merger agreement, King's tender offer for all of the outstanding shares of Class A Common Stock of Alpharma, which was scheduled to expire at 5:00 p.m., New York City time, on Friday, November 21, 2008, will be extended and will remain open through 5:00 p.m., New York City time, on Friday, December 19, 2008, unless further extended in accordance with the merger agreement. The terms and conditions of King's amended offer will be described in amended offer documents, which will be filed with the Securities and Exchange Commission ("SEC") and mailed to Alpharma stockholders. Alpharma's Board recommends that Alpharma stockholders tender their shares into King's amended offer.

As of the close of business on November 21, 2008, by King's estimate, approximately 30,713,179 shares of Class A Common Stock of Alpharma (including approximately 1,963,583 shares subject to guarantees of delivery), representing approximately 73% of all outstanding shares, were validly
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SOURCE King Pharmaceuticals, Inc.
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