(Biotech winners and losers item updated for stock closing stock prices.)NEW YORK ( TheStreet) -- Pain relief became the theme of Tuesday's trading session in biotech land, after Pfizer's ( PFE) $3.6 billion deal to acquire King Pharmaceuticals ( KG), a pain-reliever specialist, came to light before the opening bell. The news drove King's stock to the cusp of Pfizer's offer price -- the equivalent of $14.25 a share, a 40% premium to the Monday close. Shares of the Bristol, Tenn.-based King, which also does a robust business in veterinary medicine, ended trading at $14.14, up 39%, or $3.99. More than a quarter of a billion King shares changed hands Tuesday, almost 100 times the daily average. The deal also helped the shares of an early-stage painkiller developer with a rather literal name: Pain Therapeutics ( PTIE), which has teamed with King on the development of Pain's lead drug candidate, called Remoxy, currently in clinical trials. The two companies also have a licensing agreement for Remoxy, a "strong painkiller," Pain says in its press materials, the main selling point of which appears to be that it has a "unique formulation designed to reduce potential risks of unintended use." In other words, the Remoxy recipe, delivered as a capsule, makes it hard for users to binge on the drug and get addicted to its painkiller qualities. Investors and traders were apparently excited by the notion of a global Pfizer sales and marketing force pushing Remoxy into the dreamed-for blockbuster realm. King was slated to submit a new drug application for Remoxy with the Food and Drug Administration sometime during the fourth quarter. Pain shares closed Tuesday up 18.6% to $7.41. Volume exceeded one million shares, 14 times the daily average turnover in this normally lightly traded name. Similarly, investors bid up shares of Acura Pharmaceuticals ( ACUR) in light of the company's partnership with King to develop another pain reliever meant to prevent abuse. Acura shares, also fairly illiquid, ended the day up 12% to $2.55.
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