Par to acquire JHP
WOODCLIFF LAKE, N.J. — Par Pharmaceuticals Cos. on Tuesday announced that it entered into an agreement to acquire JHP Group Holdings, parent company of JHP Pharmaceuticals.
JHP is a specialty pharmaceutical company that develops, manufactures and markets branded and generic sterile injectable products. It currently markets a portfolio of 14 specialty injectable products, such as Aplisol and Adrenalin.
"The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables. With their high-barrier-to-entry products, JHP represents a perfect complement to Par’s strategy and product line. JHP’s well-respected and experienced management team has built a company with an unparalleled reputation for high-quality products and an impeccable record of regulatory compliance, which has driven their steady revenue growth. We look forward to working with them to grow our combined company," Paul V. Campanelli, CEO Par Pharmaceutical Companies, said.
JHP will become a wholly-owned subsidiary of Par upon closing. Par expects to complete the transaction in the first quarter 2014. Further details regarding the transaction will be included in Par’s 8-K filing.
Walgreens renovates Union Square, Manhattan location into latest flagship store
NEW YORK — Walgreens on Tuesday announced the official grand re-opening of its newest 24/7 flagship store, located in Union Square, Manhattan. The store, which will open at 10:30 a.m. on Jan. 23, originally opened in 2001 and has now been renovated to feature Walgreens’ new Well Experience format.
"Walgreens is thrilled to provide customers our newest New York flagship location — unlike any traditional drug store — in Manhattan’s historic Union Square," Skip Bourdo, Walgreens market VP, said. "This location has been transformed to become customers’ first choice for health and daily living, and we look forward to continuing to help the residents and visitors of the Union Square neighborhood get, stay and live well."
Bourdo will kick off an official ribbon cutting ceremony on Jan. 23 at 10 a.m. Other Walgreens executives in attendance will include: Leslie Higgins, market pharmacy director; Ladonna Candia-Flanagan, market loss prevention director; and Janice Francis, human resource and talent manager.
Ahold shareholders approve reverse stock split
ZAANDAM, the Netherlands — Ahold’s shareholders on Tuesday approved the company’s proposal to return €1 billion (US$1.4 billion) to shareholders by way of a capital repayment and reverse stock split.
Shareholders voted at an extraordinary general meeting held at Ahold’s headquarters. The meeting was attended by 65 shareholders, representing approximately 657 million votes.