PHARMACY

Diplomat Pharmacy sells 7.4 million shares in follow-on offering

BY Michael Johnsen

 

FLINT, Mich. — Diplomat Pharmacy announced Monday that it has commenced its follow-on public offering of 7.4 million shares of its common stock. Diplomat is selling 4.4 million shares of common stock and certain selling shareholders of Diplomat are selling 3 million shares of common stock. The company and selling shareholders intend to grant the underwriters a 30-day option to purchase up to an aggregate of an additional 1.1 million shares of common stock.
 
Diplomat expects to raise approximately $88 million of gross primary proceeds that will be used for debt repayment (under the amended line of credit following the anticipated near-term closing of the BioRx acquisition), working capital and other general corporate purposes, which may include additional debt repayment or future acquisitions. 

The selling shareholders and certain option holders (whose options will be repurchased by the company with additional primary proceeds) will receive the remaining $118 million of gross proceeds expected to be raised in the offering. Diplomat will not receive any proceeds from shares of common stock to be sold by the selling shareholders.
 
Credit Suisse Securities and Morgan Stanley are acting as lead book-running managers. Additional book-running managers are J.P. Morgan Securities and Wells Fargo Securities. William Blair, Leerink Partners and Raymond James are acting as co-managers.
 

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Rexall names new VP pharmacy

BY Antoinette Alexander

MISSISSAUGA, Ontario — Canadian pharmacy retailer Rexall has named Erik Botines as its new VP pharmacy.

In his new role, Botines will lead pharmacy programs and initiatives, pharmacy category management and the development and implementation of professional programs.

Botines has more than 20 years experience in operations, financial management and patient services. Most recently, he held senior management positions at Canada's Shoppers Drug Mart, where he was responsible for pharmacy business development, pricing and patient services.  

Botines spent the first 10 years of his career as an associate franchise owner before making the transition to corporate executive.  
 

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Amazon.com gets FAA clearance to test Prime Air

BY Michael Johnsen

WASHINGTON — The Federal Aviation Administration on Thursday issued an experimental airworthiness certificate to an Amazon Logistics unmanned aircraft design that the company will use for research and development and crew training. 
 
The ruling breathes new life into Amazon.com's proposed 30-minute Prime Air drone delivery option that had been grounded in February following an FAA proposed framework of regulations governing small unmanned aircraft systems. 
 
Under the provisions of the certificate, all flight operations must be conducted at 400 feet or below during daylight hours in visual meteorological conditions. The UAS must always remain within visual line-of-sight of the pilot and observer. The pilot actually flying the aircraft must have at least a private pilot’s certificate and current medical certification.
 
These provisions fall within FAA's proposed framework of regulations issued earlier this year. 
 
The certificate also requires Amazon to provide monthly data to the FAA. The company must report the number of flights conducted, pilot duty time per flight, unusual hardware or software malfunctions, any deviations from air traffic controllers’ instructions and any unintended loss of communication links. 
 
The FAA includes these reporting requirements in all UAS experimental airworthiness certificates, the FAA stated.
 
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