PHARMACY

CVS completes tender for Longs Drugs acquisition

BY Antoinette Alexander

WOONSOCKET, R.I. CVS Caremark has successfully completed the subsequent offering period of its tender offer for all of the outstanding common stock of Longs Drug Stores, and expects to effect the merger on or about Oct. 30.

The subsequent offering period for the tender offer expired at 6 p.m., New York City time, on Oct. 28. A total of approximately 28,317,338 shares of Longs were tendered in the initial and subsequent offering periods of the offer, representing approximately 78.07 percent of the outstanding shares.

CVS expects to effect, without a vote or meeting of Longs’ stockholders, a short-form merger on or about Oct. 30 to complete the Longs acquisition.

In the merger, each of the remaining outstanding shares (other than any shares owned by CVS or its subsidiaries) will be converted into the right to receive the same $71.50 in cash per share, without interest, that was paid in the tender offer.

Following the merger, Longs’ common stock will cease to be traded on the New York Stock Exchange.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Which area of the industry do you think Amazon’s entry would shake up the most?
PHARMACY

Medimetriks announces agreement to market treatments for impetigo

BY Alaric DeArment

FAIRFIELD, N.J. Medimetriks Pharmaceuticals has entered into a licensing agreement with Perrigo for U.S. Marketing rights to Centany Ointment and two prescription keratolytic brands, Medimetriks announced Tuesday.

Johnson & Johnson’s OrthoNeutrogena professional division previously marketed Centany, which is used for treating impetigo caused by Straphylococcus aureas and Streptococcus pyogenes bacteria. The Food and Drug Administration approved it in 2002.

The two keratolytic brands are urea-based therapies for treating severe dry skin.

“We are happy to have a partner that brings such a record of success in the branded pharmaceutical business,” Perrigo executive vice president Sharon Kochan said in a statement. “We believe the licensed products are in good hands, given Medimetriks management’s proven abilities in building a successful business in the dermatology and podiatry markets.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Which area of the industry do you think Amazon’s entry would shake up the most?
PHARMACY

Few healthcare providers receive adequate training, tools to help patients quit smoking

BY Alaric DeArment

NEW YORK A new study suggests that few healthcare workers have sufficient training in smoking cessation to help patients quit.

The study, presented Monday at the annual meeting of the American College of Chest Physicians in Philadelphia, found that 87 to 93 percent of healthcare providers receive less than five hours of smoking cessation training, while less than 6 percent know the governmental Agency for Healthcare Research and Quality’s guidelines for treating people with tobacco dependence.

The study surveyed 600 people working in health care, including physicians, nurse practitioners, pharmacists, social workers and students, and divided them into prescribers and non-prescribers.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

Which area of the industry do you think Amazon’s entry would shake up the most?