King’s $1.4 billion bid rejected by Alpharma

NEW YORK King Pharmaceuticals would gain access to a transdermal patch to treat pain if it acquired Alpharma.

So far, however, Alpharma isn’t interested in King’s $1.4 billion cash offer to acquire the company and its NSAID patch Flector and the Kadian extended-release morphine product, saying in a written statement that King’s three bids for the company since July have undervalued the company.

“We are willing to entertain a proposal from you that we believe more appropriately values the company,” Alpharma chief executive officer Dean Mitchell wrote in a letter to King chief executive officer Brian Markison. “To that end, we remain open to discussions with you at a price that we believe reflects the inherent value of Alpharma.”