Judge rules in favor of Roche on Ventana buyout
PHOENIX Roche Holding moved closer yesterday to acquiring Ventana Medical Systems when a federal judge issued a preliminary injunction stopping Ventana from using parts of an Arizona anti-takeover law that was going to be used to fight off the buyout.
Roche is seeking to make the anti-takeover law declared unconstitutional. The law states that Roche, even if a controlling shareholder, would have to wait three years to take control of the company.
Roche did though extend its deadline for the offer to buy the medical testing devices maker until 5 p.m. Sept. 20. The disagreement with the two companies is money, as Roche wants to pay only $75 per share as compared to the $83.58 price that each share rose to yesterday, according to the Associated Press. Nearly a month ago, Ventana said in a statement to its shareholders that the “board of directors continues to believe that Roche’s bid is wholly inadequate and recommends that stockholders not tender any of their shares to Roche. Not only is the offer significantly below our current market price, it does not even come close to reflecting the intrinsic value of the company, its strong growth prospects in an accelerating market and the synergy value of Ventana to Roche.”
United Supermarkets to open first health care clinics in west Texas
LUBBOCK, Texas United Supermarkets, a regional family-owned grocery chain with stores in 26 markets throughout north and west Texas is joining forces with Family Medicine Centers to offer a Living Well ExpressCare clinic in its Amarillo, Texas store beginning next month.
The clinic will offer primary medical services to store guests at United’s 45th and Bell location beginning Sept. 1. It will be located next to the pharmacy, allowing patients to get their prescriptions filled immediately at the same location.
United announced that similar facilities, the first in-store health clinics in west Texas, also are under construction in two United stores in Lubbock, as well as the new Market Street store being built in Frisco, near Dallas, according to the retailer.
“The need for accessible, affordable, high-quality health care in our country has never been greater, as studies indicate that nearly a third of the U.S. population does not have a family physician,” stated Mark Yowell, Specialty Division vice president of United Supermarkets. “[The clinics] “will allow us to focus attention on the wellness and nutrition products and services available in our stores.”
The facility will be open seven days a week, maintaining operating hours similar to those of the store’s pharmacy. It will be staffed by a licensed nurse practitioner or physician assistant under the supervision of a licensed physician.
FDA approves Acatvis’ generic Duragesic patch
MORRISTOWN, N.J. Actavis, the generic pharmaceutical company announced today that it has received approval from the Food and Drug Administration to market Fentanyl, the generic equivalent of the pain patch Duragesic.
President and chief executive officer Robert Wessmann said, “The addition of transdermal fentanyl is representative of our continued effort to expand the depth and breadth of our product portfolio, and highlights our product development expertise in specialty generic products.”
Annually, the brand and generic sales of Fentanyl in the U.S. were approximately $1.2 billion for the twelve months ending June 2007 according to IMS health data.