Offer made for Alpharma Inc.
King Pharmaceuticals have made a second bid in a month to purchase Alpharma Inc.
King Pharmaceuticals based in Bristol, Tenn. has offered $1.4 billion in cash to acquire Alpharma Inc. representing a 37 percent premium over the $24 share price at market close on Thursday 21st. Alpharma reported 2nd Quarter (Q2) 2008 revenue of $167 million ($133 million in Q2 2007) and a net loss of $7.4 million ($13 million in Q2 2007).
Animal Health operations generated quarterly sales of $86 million ($91 million in Q2 2007) representing 51 percent of Company business and comprising feed additives, anticoccidials and antibiotics directed to poultry and other intensive livestock. The Animal Health activities of Alpharma generated an operating profit of $11 million for Q2 ($17 million Q2 2007) and recorded a decline in margin from 17 percent to 12 percent reflecting the extent of competition in the U.S.Animal Health Industry.