Pfizer Commences Tender Offer for Shares of King Pharmaceuticals, Inc. at $14.25 per Share

Pfizer Inc.

today announced the commencement of a tender offer by its wholly owned subsidiary, Parker Tennessee Corp., for all outstanding shares of common stock of King Pharmaceuticals, Inc.

for $14.25 per share, net to the seller in cash, without interest thereon and subject to any required withholding taxes. The tender offer is being made pursuant to an Offer to Purchase, dated October 22, 2010, and in connection with the previously announced Agreement and Plan of Merger, dated October 11, 2010, by and among Pfizer, Parker Tennessee Corp. and King.