King Pharmaceuticals, Inc announced that it commenced a tender offer, through a wholly-owned subsidiary, to acquire all of the outstanding shares of Class A Common Stock of Alpharma Inc for $37 per share in cash. 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. This price represents a total equity value of approximately $1.6 billion and an enterprise value of approximately $1.4 billion.

The tender offer is scheduled to expire at 5:00 pm, New York City time, on Friday, October 10, 2008, unless extended.

Alpharma stockholders may obtain copies of the tender offer documents when they become available at www.sec.gov. Free copies of such documents can also be obtained when they become available by calling Innisfree M&A Incorporated, toll-free at (877) 687-1875.

As King previously indicated, it intends, if appropriate in order to facilitate the offer, to commence a consent solicitation to replace the Board of Directors of Alpharma with its own nominees.

Credit Suisse and Wachovia Securities are acting as financial advisors to King and Dewey & LeBoeuf LLP is acting as legal counsel. 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.