LYCOS RETRIEVER 
King Pharmaceuticals
built 232 days ago
[O]f the incorrect price calculations, Medicaid and other programs that received rebates from King Pharmaceuticals for reimbursing providers for the drugs were underpaid some $62 million nationwide. The settlements included a double damages penalty, resulting in the total settlement of $124 million.
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In its campaign for Intal® Inhaler, King Pharmaceuticals successfully revitalized the brand by reaching physicians with powerful messaging that incorporated consumer insights, updated detailing, and patient/provider interaction materials. Harte-Hanks developed the "Clear the Way" campaign to give the drug a new identity, to build awareness among physicians, and to increase prescriptions. The response rate recorded for sample requests were well into double-digits.
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BRISTOL, TENNESSEE, February28, 2007 — King Pharmaceuticals, Inc. (NYSE:KG) announced today that total revenues increased 12% to a record high $1.99billion during the year ended December31, 2006, compared to $1.77billion for 2005. Reported net income equaled $289million and diluted earnings per share equaled $1.19 during the year ended December31, 2006, compared to net income of $118million and diluted earnings per share of $0.49 during the prior year. Excluding special items, net earnings increased to $423million and diluted earnings per share increased to $1.74 for the twelve months ended December31, 2006, from net earnings of $400million and diluted earnings per share of $1.66 in 2005. Net income and diluted earnings per share, as reported and excluding special items... achieved record highs in 2006.
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Ligand Pharmaceuticals has agreed to sell Avinza for $313 million plus royalties to King Pharmaceuticals. Approved in 2002, Avinza is a once-a-day treatment for chronic to moderate-to-severe pain in patients who require continuous, around-the-clock opioid therapy for an extended period of time. Release
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In addition to the cash consideration, King will pay Ligand a 15% royalty during the first 20 months after the closing of the asset sale. Subsequent royalty payments will be based upon calendar year net sales. If King's calendar year net sales are less than $200 million, the royalty payment will be 5% of King's sales for that year. If King's sales are between $200 million and $250 million, then the royalty payment will be 10% of sales. If sales exceed $250 million, the royalty will be 10% of sales up to $250 million and 15% of sales above $250 million. King ... assumed future royalty payments owed to Organon and all other existing AVINZA royalty obligations.
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King will pay Allerex $25 million plus an earn-out based on sales of EpiPen® in Canada. The worldwide rights to the distribution of EpiPen® are licensed exclusively to Dey, L.P. of Napa, California. Allerex serves as Dey's exclusive EpiPen® sub-distributor in Canada.
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