NCPA inks deal with Live Oak Bank
PHILADELPHIA In order to better facilitate the purchasing of independent community pharmacies, a group that represents such businesses announced its deal with Live Oak Bank.
Live Oak Bank is a banking lender that recognizes the pharmacist’s earning power and the value of resaleable inventory and prescription files, the National Community Pharmacists Association said. The deal was announced during the NCPA’s 112th Annual Convention and Trade Exposition.
“Independent community pharmacies focus on patient care and a wide array of services that their competitors cannot replicate, but it can be difficult for prospective owners to secure financing for these purchases,” said Doug Hoey, NCPA acting EVP and CEO. “That’s why this partnership between NCPA and Live Oak Bank is a game changer. While Live Oak Bank has been catering to healthcare providers for more than 20 years, now NCPA will use the full weight of its assets to alert potential buyers of this great lending resource.”
NCPA estimated that more than 1,000 independent pharmacies will be sold next year. Live Oak chairman and CEO Chip Mahan acknowledged this statistic, stating that major chain pharmacies “are interested only in the customer script count, or customer base, and have priced those independent pharmacy acquisitions accordingly.”
“Live Oak Bank has been able to work with buyers and sellers to properly identify the appropriate value for the business, resulting in preserving the integrity of the employee base that will allow the independent pharmacy under new ownership to serve [its] existing customer with the care and attention that the chains simply cannot match. We fully expect to facilitate [more than] $100,000,000 in transactions in 2011,” Mahan said.
‘Picture This’ forums bring diabetes management awareness to public
PRINCETON, N.J. A few days after it released a report on how awareness and education play an integral role in the prevention, detection and treatment of diabetes, Novo Nordisk is bringing it to the public.
The drug maker said Friday that, through its collaboration with the Entertainment Industries Council, it will host "Picture This" forums, which include an open discussion among diabetes stakeholders and the media to identify top diabetes communication challenges, explore strategies to address those priorities and strengthen community understanding about diabetes through news media and community affairs programs.
The forums will be held in Philadelphia on Oct. 22 and Seattle on Nov. 18.
"Novo Nordisk is proud to join EIC, the media and community leaders in Seattle and Philadelphia to explore ways to improve how diabetes is communicated about and understood by local citizens," said Tony Deluzio, senior medical director at Novo Nordisk. "As the prevalence of diabetes continues to be on the rise, bringing together those on the front line of diabetes care will open the potential to reduce the stigma associated with diabetes and empower those affected by the disease to lead full and productive lives."
Pfizer makes official tender offer for King
NEW YORK Pfizer officially has made its tender offer to buy King Pharmaceuticals for $3.6 billion, or $14.25 per share, Pfizer said Friday.
The offer constitutes a 40% premium over the closing price of King’s stock on Oct. 11, when Pfizer originally made the offer. King, based in Bristol, Tenn., specializes in pain medications designed to deter misuse and abuse, and Pfizer said the acquisition would enhance its position in the pain-relief market.
The offer expires at midnight on Nov. 19.