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Giant Eagle purchases five stores from Tops Markets

BY Allison Cerra

PITTSBURGH Giant Eagle has agreed to purchase five former Penn Traffic stores in the western Pennsylvania market.

The stores, which currently are owned by Tops Markets, will immediately begin its planned store inventory liquidation sales in preparation for their eventual closures. At the time of the stores’ closings, the properties will be turned over to Giant Eagle. Giant Eagle also has agreed to acquire the pharmacy records for the former Penn Traffic pharmacies in the Brookville, DuBois and Johnstown locations, and plans to operate the existing pharmacies at Brookville and DuBois. The pharmacy files from the Johnstown location are being transferred to a nearby Giant Eagle store.

Further details about the transaction and Giant Eagle’s evolving plans will be released as details become available.

“Given our nearly 80-year history as a leading regional food retailer with strong western Pennsylvania roots, we were approached by Tops Markets more than a month ago regarding these locations,” said Giant Eagle special counsel Dan Shapira. “Tops informed us that these stores were outside of their geographic footprint, and as such would ultimately be closed and the employees terminated. We believe there is an opportunity to refurbish these stores and bring to consumers of the area an overall improved shopping experience.

“We are thrilled to be able to not only preserve these grocery shopping options for area residents, but to deliver the type of high quality offerings that our customers have come to expect from us,” Shapira added.

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Keryx’s cancer drug gets fast-track designation from FDA

BY Alaric DeArment

NEW YORK The Food and Drug Administration has granted fast-track review to an investigational drug by Keryx Biopharmaceuticals for cancer, Keryx announced Monday.

The FDA granted the status to KRX-0401 (perifosine), which prevents activation of a protein in an enzyme related to advanced colorectal cancer. The FDA Fast Track program is designed to help companies develop drugs that treat serious or life-threatening conditions and that are able to address unmet medical needs.

“We believe that this fast-track designation adds substantial value to perifosine’s development in refractory, advanced colorectal cancer,” Keryx CEO Ron Bentsur said in a statement.

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CVS Caremark’s charitable arm aids Rhode Island flood relief

BY Antoinette Alexander

WOONSOCKET, R.I. The CVS Caremark Charitable Trust announced on Monday that it is donating $100,000 to the American Red Cross to support flood relief efforts across Rhode Island.

“This week’s floods made a devastating impact on Rhode Island and we want to do everything we can to help the state and its residents recover as quickly as possible,” stated Eileen Howard Dunn, VP of the CVS Caremark Charitable Trust. “The CVS Caremark Charitable Trust and the American Red Cross have partnered many times over the years on disaster relief efforts and we are pleased to support the critical aid they are providing to flood victims in Rhode Island.”

The CVS Caremark Charitable Trust is a private foundation created by CVS Caremark. The mission is to provide funding for programs serving children with disabilities as well as nonprofits that provide healthcare services to the uninsured and medically at-risk populations.

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