King Pharmaceuticals informed the Securities and Exchange Commission that the company has signed an agreement with CorePharma to offer the latter with some rights for metaxalone 800 mg. The company has terminated its patent infringement lawsuit against CorePharma over the muscle relaxant Skelaxin. The stock closed at US$12.05 with a gain of over 16 percent. The stock touched a high of $12.18 and volume on the counter was more than 11 million.

Bristol, TN based King Pharmaceuticals Inc. develops, manufactures, markets and sells branded prescription pharmaceutical products. The stock is currently trading with a P/E of 14.27 against the industry average of 27.

The company reported total revenue of $544.85M for third quarter of 2007.

Other stocks from Pharmaceutical sector closed with marginal gains. ZymoGenetics, Inc., Omrix Biopharmaceuticals, Inc. and Teva Pharmaceutical Industries Ltd ended the day with gains.