Pfizer makes official tender offer for King

NEW YORK Pfizer officially has made its tender offer to buy King Pharmaceuticals for $3.6 billion, or $14.25 per share, Pfizer said Friday.

The offer constitutes a 40% premium over the closing price of King’s stock on Oct. 11, when Pfizer originally made the offer. King, based in Bristol, Tenn., specializes in pain medications designed to deter misuse and abuse, and Pfizer said the acquisition would enhance its position in the pain-relief market.

The offer expires at midnight on Nov. 19.