King Pharmaceuticals, Inc announced that it is extending its previously announced tender offer for all outstanding shares of Class A Common Stock of Alpharma Inc until 5:00 pm, New York City time, on November 21, 2008, unless the offer is further extended. The tender offer was originally scheduled to expire at 5:00 pm, New York City time, on Friday, October 10, 2008. All other terms and conditions of the tender offer remain unchanged.

As of the close of business on October 10, 2008, approximately 18.8 million shares of Class A Common Stock of Alpharma (including approximately 3.4 million shares subject to guarantees of delivery), representing approximately 45 per cent of all outstanding shares, were validly tendered and not withdrawn pursuant to the tender offer.

On September 12, 2008, King Pharmaceuticals announced that it commenced a tender offer to acquire all the outstanding shares of Class A Common Stock of Alpharma for $37 per share in cash, representing a total equity value of approximately $1.6 billion and an enterprise value of approximately $1.4 billion. This offer represents a 67 per cent premium over the closing price of Alpharma Class A Common Stock on August 4, 2008, the date of King's initial private written proposal to Alpharma, a 54 per cent premium over the closing price on August 21, 2008, the last trading day prior to public disclosure of King's proposal, and a 60 per cent premium over Alpharma's average closing price during the twelve-month period ended August 21, 2008.

Credit Suisse and Wachovia Securities are acting as financial advisors, and Dewey & LeBoeuf LLP is acting as legal counsel, to King. Innisfree M&A Incorporated is acting as information agent for King's offer.

King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company.