Lindt expands portfolio with Russell Stover deal
KANSAS CITY, Mo. — Lindt & Sprüngli Group announced on Monday that it has reached an agreement to purchase Russell Stover Candies. The Russel Stover and Whitman's brands will complement Lindt & Sprüngli's existing portfolio of premium chocolates, making it the No. 3 North American chocolate manufacturer, the company said.
"This biggest and most important strategic acquisition to date in Lindt & Sprüngli's history is a unique opportunity for us to expand our North American chocolate business and will greatly enhance the group's status in the world's biggest overall chocolate marketplace," said Ernst Tanner, chairman of the Lindt & Sprüngli board of directors and group CEO.
Russell Stover reports annual sales of close to $500 million and has been headquartered in Kansas City, Mo., for more than 80 years. In addition to four chocolate factories, the company runs a chain of 35 retail outlets, most of which are located in the central United States. The company will continue to maintain headquarters in Kansas City. Financial terms of the deal were not released by the company, but Reuters reported that it's around one billion dollars.
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Sandoz launches generic Tobi
PRINCETON, N.J. — Sandoz on Monday announced the introduction of tobramycin inhalation solution, USP into the U.S. market. The drug is an authorized generic version of Tobi from Novartis.
The drug is used for the management of cystic fibrosis in patients whose lungs contain bacteria called P. aeruginosa, the company said. Cystic fibrosis is a life-threatening disease that affects the lungs and digestive system. It's estimated that 30,000 children and adults in the United States suffer from the disease.
"We are proud to bring the authorized generic of Tobi to the patients with cystic fibrosis,” said Peter Goldschmidt, president of Sandoz US. “As part of the Novartis Group, we work together to increase patient access to leading treatments in the most efficient and effective way possible.”
Sales for the the branded version of tobramycin inhalation solution, USP were approximately $241 million for the 12 months ended April 2014, according to IMS Health. Sandoz will be marketing the drug in 300-mg single-dose ampules, the same size and strength that is currently being marketed by the brand.