KG's affiliate Pain Therapeutics received a letter from the FDA saying that its drug Remoxy will not be approved.
On January 25th, King Pharmaceuticals announced that it would debut a nationally broadcasted commercial during the Superbowl as part of a three-year sponsorship of the American Heart Association’s high blood pressure website. The American Heart Association praised King for its commitment to public awareness, and noted that they were becoming a “catalyst” for those who don’t know that they should be worried about their health. In the next 10 days, the American Heart Association's praise of the company and acknowledgment of their future alliances created new value for King shareholders. Source: http://www.kingpharm.com
King Pharmaceuticals’ patent for its blood-pressure drug, Altace, was declared invalid by the US Court of Appeals for the Federal circuit. However, the company is seeking a rehearing on the decision, citing inconsistency with the other recent decisions of the court. Altace accounts for 35 percent of King’s revenue and the decision has resulted in decrease in the share price of King Pharmaceuticals in the early hours of trading.