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King Pharmaceuticals: Drugs
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In November 2005, Pain Therapeutics and King Pharmaceuticals announced a broad strategic alliance to develop and commercialize four proprietary lead drug candidates. All four drug candidates are intended to be long-acting, abuse-resistant opioid painkillers. Two of these drug candidates are now in clinical testing:
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The primary founder of King was John M. Gregory, who was raised in the Washington, D.C. area, then earned a pharmacy degree from the University of Maryland in 1976. He was 28 when he and his wife moved to the small town of Bastian, located in the Appalachian hills of southwest Virginia some 70 miles north of Bristol, Tennessee. The only pharmacist in the county, he worked out of a makeshift office in a converted garage that adjoined the only medical clinic in the area. Life in such a remote location fueled Gregory's imagination, and he soon came to the conclusion that the standard method of distributing drugs by personally visiting physicians and pharmacists was outdated and that telephone contacts would be just as effective, as well as less expensive. He shared his idea with the county's only lawyer, Randal J. Kirk, and the two men decided to go into business together. Between themselves and local investors they raised $100,000 and launched General Injectables and Vaccines Inc. (GIV) in 1984.
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King declined to provide earnings projections for the year, citing uncertainty over generic competition for one of its top-selling drugs. The consensus of analysts polled by Thomson First Call had been predicting revenue of $1.52 billion for the Bristol, Tenn.-based company.
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King is the leading manufacturer of auto-injectors for the self- administration of injectable drugs, including EpiPen®. Approximately 2% of the population in Canada is estimated to have allergic sensitivities placing them at risk for anaphylaxis, and that number is increasing, especially with respect to children. Net sales of EpiPen® in Canada totaled approximately $21.2 million in 2004.
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This analysis examines the historical and forecast performance for King in the ethical pharmaceutical sector. The profile encompasses global company strategy, portfolio and pipeline analysis and assessment of financial performance, with 1-6 year sales forecasts for key drugs. An interactive forecasting and analysis tool provides continually updated quantitative and qualitative information.
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