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King/Meridian EpiPen

This article was originally published in The Gray Sheet

Executive Summary

Pharmaceutical auto-injector devices for allergic reactions, made by Meridian Medical Technologies, are cited as a key draw of $247.8 mil. acquisition by King Pharmaceuticals. King will pay $44.50 per share in cash for the firm, a 17% premium to its Oct. 18 close of $38.15. In addition to gaining EpiPen, drug maker King plans to leverage Meridian's NDA-approved auto-injector technology in the area of homeland security. Meridian currently offers the technology to the military for use with a nerve gas antidote, as well as auto-injectors filled with morphine, diazepam and lidocaine. The Columbia, Maryland firm reported net income of $9.3 mil. for the year ended July 31 on revenues of $82.4 mil., including $4.6 mil. in sales of telemedicine and ECG devices...

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