King Acquires Lorabid from Lilly

King Pharmaceuticals Inc. (Bristol, TN) has completed its acquisition of the antibiotic Lorabid (loracarbef) in the United States and Puerto Rico from Eli Lilly and Co. (Indianapolis). The purchase price was $90.5 million plus sales performance milestones, which could bring the total value of the deal to $158 million.

The final contingent payment will be made if King achieves $140 million in annual net sales. Unaudited net sales for Lorabid in the U.S. for the past 12 months (ending June 30, 1999) totaled $73.9 million.

King is a vertically integrated pharmaceutical company that manufactures, markets, and sells primarily branded prescription pharmaceutical products.

For more information: King Pharmaceuticals Inc., 501 5th St., Bristol, TN 37620. Tel: 423-989-8000. Fax: 423-274-8677.