King announces acquisition of Alpharma

BRISTOL, Tenn. King Pharmaceuticals will acquire Alpharma in a deal worth $1.6 billion, King said Monday.

Alpharma had rejected a $33-per-share bid King made earlier, but accepted the most recent $37-per-share bid.

Alpharma, based in Bridgewater, N.J., has lately sought regulatory approval for painkillers designed to thwart abuse, such as Remoxy, a liquid capsule-based formulation of oxycodone.