Pfizer announces termination of HSR waiting period for acquisition of King

Pfizer Inc. (NYSE: PFE) today announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has been terminated in connection with the tender offer by its wholly-owned subsidiary, Parker Tennessee Corp., to purchase all outstanding shares of common stock of King Pharmaceuticals, Inc. (NYSE: KG) for $14.25 per share, net to the seller in cash, without interest thereon and subject to any required withholding taxes.

Termination of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the tender offer. The tender offer is scheduled to expire at 5:00 p.m., New York City time, on Friday, January 28, 2011, unless extended in accordance with the procedures described in the offer to purchase. All other authorizations and approvals applicable to the tender offer under foreign antitrust or competition laws have also been obtained. The tender offer remains conditioned upon the other closing conditions described in the offer to purchase. Pfizer and King expect that all of the conditions to the tender offer will be satisfied on or before the scheduled expiration.

The Depositary for the tender offer is American Stock Transfer & Trust Company, LLC, Operations Center, Attn: Reorganization Department, P.O. Box 2042, New York, New York 10272-2042. The Dealer Manager for the tender offer is J.P. Morgan Securities LLC, 383 Madison Ave, 5th Floor, New York, NY 10179. The Information Agent for the tender offer is Morrow & Co., LLC, 470 West Avenue, Stamford, CT 06902. The tender offer materials may be obtained at no charge by directing a request by mail to Morrow & Co., LLC or by calling toll-free at (800) 607-0088 or (203) 658-9400, and may also be obtained at no charge at www.pfizer.com and the website maintained by the SEC at www.sec.gov. Additionally, any questions related to the tender offer may be directed to Morrow & Co., LLC at the mailing address or telephone numbers provided above.