NEW YORK ( TheStreet) -- Pfizer ( PFE) is buying King Pharmaceuticals ( KG) for $3.6 billion in cash to bolster its presence in the pain relief market, the company said Tuesday. The deal values King at $14.25 a share, or a 40% premium over King's closing price of $10.15 a share Monday. Pfizer said the acquisition will have no material impact on 2010 earnings but will add approximately 2 cents a share to the drugmaker's estimated 2011 and 2012 earnings. King is a specialty pharmaceutical company that specializes in pain drugs, including Embeda, an opioid designed with features that make it resistant to abuse and misuse. King earned $1.10 a share in 2009 on total revenue of $1.78 billion but is expected to earn 68 cents a share on $1.48 billion this year, according to Thomson Reuters. Pfizer said the King acquisition allows the company to expand its current pain offerings, which include Lyrica and Celebrex. Pfizer shares were down 5 cents to $17.33 in premarket trading Tuesday. --Written by Adam Feuerstein in Boston. >To contact the writer of this article, click here: Adam Feuerstein. >To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein. >To submit a news tip, send an email to: email@example.com.