King Pharmaceuticals is an S&P 500 Index company, seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products in attractive markets and the strategic acquisition of branded products that can benefit from focused promotion and marketing and product life-cycle management. King Pharmaceuticals® began operations in January 1994, after purchasing the company's Bristol Tennessee facility and assuming contracts to manufacture prescription pharmaceutical products for such prominent companies as SmithKline Beecham Corporation, predecessor to GlaxoSmithKline, and Novartis. For the next ten years, King principally focused on the manufacture, acquisition, and marketing of previously approved products. Under new leadership, the company shifted its strategy to position itself to become a leading developer and acquirer of novel branded pharmaceutical products in later stages of development, focusing on three main therapeutic areas, cardiovascular/metabolics, neuroscience and hospital/acute care. King's labor force has grown from an initial 145 to approximately 2700 employees involved in every discipline of a major pharmaceutical company, including sales and marketing, research and development, regulatory affairs, quality management, and manufacturing. On September 7, 2006 - King Pharmaceuticals entered into a definitive asset purchase agreement and related agreements with Ligand Pharmaceuticals Incorporated to acquire rights to AVINZA®.