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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| King Pharmaceuticals, Inc. | NYSE:KG | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.24 | 0.00 | 00:00:00 |
From Mar 2020 to Mar 2025
DOW JONES NEWSWIRES
King Pharmaceuticals Inc. (KG) resubmitted a New Drug Application for Remoxy, its abuse-resistant pain killer, to the U.S. Food and Drug Administration in response to a review letter received by partner Pain Therapeutics Inc. (PTIE) two years ago.
King, which is in the process of being acquired by drug giant Pfizer Inc. (PFE) in a tender offer worth about $3.6 billion, has seen revenue pressured lately by generic competition, including from off-brand versions of its Skelaxin pain killer.
King and Pain Therapeutics received the response letter from the FDA in December 2008. Investors and analysts had expected the companies to resubmit the application much earlier, leading to a sharp sell-off in Pain shares last year when the duo first announced the filing would be delayed.
The resubmission has a six-month review cycle.
Remoxy is a twice daily formulation of oral oxycodone for moderate to severe pain.
Shares of both companies were inactive premarket. King is up 15% so far this year, while Pain has climbed 21%.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com
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