New clients, overall growth boosts Accredo’s Q4
MEMPHIS — Sales at specialty pharmacy provider Accredo Health Group for the fourth quarter grew to $3 billion, a 21.3% increase over fourth quarter 2009, according to parent company Medco Health Solutions.
Sales for the year were $11.3 billion, a 19.1% increase over 2009. The company said the growth was the result of new clients and growth across the specialty business.
Growth in sales helped drive operating income for the quarter up by 30.7% to $109.9 million, while operating income for the full year increased by 22.7% to $438.2 million.
The company’s mix of products also changed, with growth in treatments for multiple sclerosis, rheumatoid arthritis and cancer.
Caraco, Sun to merge
DETROIT — Generic drug maker Caraco Pharmaceutical Industries will merge with Sun Pharmaceutical Industries, Caraco said Tuesday.
Sun, which already owns 75.8% of Caraco, will pay $5.25 per share for the remaining shares of Caraco that it doesn’t already own and make Caraco a private company.
Sun originally made the going private offer in December, offering $4.75 per share for Caraco.
Gilead to acquire Calistoga
FOSTER CITY, Calif. — Drug maker Gilead Sciences plans to buy out a privately owned Seattle company that makes treatments for cancer and inflammatory diseases, Gilead said Tuesday.
The Foster City, Calif.-based company will buy Calistoga Pharmaceuticals for $375 million, plus additional milestone payments of up to $225 million.
Calistoga is currently developing CAL-101, which is in phase-2 studies, as a treatment for leukemia and non-Hodgkin’s lymphoma. The company specializes in drugs that target PI3K, an enzyme pathway that helps control the reproduction, survival and activity of cells.