King Pharmaceuticals
Pharmaceuticals | |
Revenue | $1.7 billion USD (2009)[1] |
---|---|
$236 million USD (2009)[1] | |
$92 million USD (2009)[1] | |
Number of employees | 3,381 |
Website | www.kingpharm.com |
King Pharmaceuticals, is a pharmaceutical company, a wholly owned subsidiary of
King Pharmaceuticals, Inc. was incorporated in the State of Tennessee in 1993. According to the King Pharmaceutcals, Inc. Form 10-K for the year ended December 31, 2007 filed with the U.S. Securities and Exchange Commission, the wholly owned subsidiaries of King Pharmaceuticals, Inc. are Monarch Pharmaceuticals, Inc.; King Pharmaceuticals Research and Development, Inc.; Meridian Medical Technologies, Inc.; Parkedale Pharmaceuticals, Inc.; King Pharmaceuticals Canada Inc.; and Monarch Pharmaceuticals Ireland Limited.[4]
Company history
King Pharmaceuticals was founded in 1993
In February 1998, King acquired 15 branded pharmaceuticals, a sterile products manufacturing facility located in Rochester, Michigan that it called the "Parkedale Facility") and some contract manufacturing contracts.[7] By December 1998 King had placed its sterile products business into a subsidiary it named Parkedale Pharmaceuticals.[8]
King Pharmaceuticals obtained about twenty smaller branded drugs from the start up of the company until it went public in June 1998. The King Pharmaceuticals subsidiary Monarch Pharmaceuticals acquired one of its most profitable branded drugs, Altace, later the same year on December 18, 1998 from Hoechst Marion Roussel.
U.S. marketing and distribution rights to Altace
Hoechst merged with Marion Merrill Dow of Kansas City, Missouri in 1995, forming the Hoechst U.S. pharmaceutical subsidiary Hoechst Marion Roussel (HMR). Altace was bringing in under $90 million in U.S. revenues for HMR and Hoechst had stopped promoting Altace within the United States.,[9] and King Pharmaceuticals President Jefferson "Jeff" Gregory also began negotiations in 1995 with Hoechst to acquire U.S. distribution rights to Altace.[9]
The King Pharmaceuticals wholly owned subsidiary Monarch Pharmaceuticals, Inc. (another brother of John Gregory - Joseph Gregory - was then the president of Monarch Pharmaceuticals) acquired ownership of the U.S. distribution and marketing rights to Altace and other Hoechst products from Hoechst AG subsidiary Hoechst Marion Roussel of Kansas City, Missouri on December 18, 1998, and
In 2001, Forbes magazine ranked John Gregory among the 400 richest Americans. The bulk of Gregory's personal fortune was due in large part due to the ability of King Pharmaceuticals, Inc. to reintroduce the Hoechst branded prescription drug Altace back into the U.S. market under the King Pharmaceuticals, Inc. subsidiary Monarch Pharmaceuticals brand following the 1998 U.S. marketing and distribution agreement between King Pharmaceuticals/Monarch Pharmaceuticals and Hoechst AG/HMR.
In late December 1998, King Pharmaceuticals (d.b.a. Monarch Pharmaceuticals, Inc.) purchased the U.S. marketing and distribution rights of the company's most successful drug, Altace, for $362.5 million from the U.S. subsidiary of
In 2002, John Gregory stepped down as CEO, and his brother Jefferson Gregory took over. Then in 2004, Jeff Gregory stepped down as well after the SEC began investigations into King's Medicaid billing practices.
In 2008 King Pharmaceuticals acquired Alpharma Pharmaceuticals to expand into the pain treatment market. From the acquisition, King gained the patents on the pain management drugs, Flector and Embeda.[17] They also gained a completely separate animal health division, which focuses on the many agricultural and animal health needs of livestock animals.
Acquisition
On October 12, 2010,
References
- ^ a b c d "Pfizer: One of the world's premier biopharmaceutical companies". www.pfizer.com.
- ^ "Pharmaceutical Executive - 2006 Top 50 Pharmaceutical Companies" (PDF). Archived from the original (PDF) on 2011-07-11. Retrieved 2007-12-20.
- ^ "Pfizer to Buy King Pharmaceuticals for $3.6 Billion". The New York Times. October 12, 2010.
- ^ "King Pharmaceuticals, Inc. Form 10-K, Annual report for the fiscal year ended December 31, 2007". SEC Edgar.
- ^ "History of King Pharmaceuticals, Inc. – FundingUniverse". www.fundinguniverse.com.
- ^ https://web.archive.org/web/20030201091134/http://www.kingpharm.com/chairman.htm King Pharmaceuticals, Inc. - Message From Our Chairman.
- ^ "King Pharmaceuticals, Amendment 8 to Form S-1". NASDAQ. June 2, 1988.
- ^ "Press Release: King Pharmaceuticals and Hoechst Marion Roussel Sign an Agreement for One Of The Largest Single Product Transactions in Emerging Pharmaceutical Sector | Evaluate". King, via Evaluate. December 18, 1998.
- ^ a b "Faith Healers: The born-again Gregory brothers worked a financial miracle from cast-off drug brands". Forbes. Zina Moukheiber. October 28, 2002.
- ^ "Monarch Pharmaceuticals acquired" Archived 2016-03-03 at the Wayback Machine. sanofi-aventis Group. December 18, 1998.
- ^ http://archive.twst.com/notes/articles/jab202.html Archived 2009-02-10 at the Wayback Machine "King Pharmaceuticals CEO focuses on patented products".
- ^ HOPE
- ^ King Pharmaceuticals Oct 21, 2002. Press Release: King Pharmaceuticals to Acquire Meridian Medical Technologies Archived 2016-08-26 at the Wayback Machine
- ^ King Pharmaceuticals Form 11K filed For the fiscal year ended December 31, 2003.
- ^ "TheStreet.com : King Pharmaceuticals CEO to Step Down - Robert Steyer - KG". Archived from the original on 2004-09-23. Retrieved 2007-12-20.
- ^ Abboud, Leila; Berman, Dennis K. (July 26, 2004). "Mylan to Buy King Pharmaceuticals". The Wall Street Journal.
- ^ King Pharmaceuticals Acquires Alpharma
- ^ "Pfizer: One of the world's premier biopharmaceutical companies". www.pfizer.com.
- ^ "Pfizer Completes Acquisition Of King Pharmaceuticals, Inc.; Pfizer and King begin joint operations on March 1, 2011" (press release). Pfizer. March 1, 2011. Archived from the original on June 30, 2013.