Prestige makes blockbuster acquisition: 17 GSK legacy brands
IRVINGTON, N.Y. — Prestige on Tuesday acquired 17 over-the-counter brands from GlaxoSmithKline for a total of $660 million in cash. Among the brands Prestige acquired are the pain relievers BC, Goody’s and Ecotrin brands; digestive brands Beano, Gaviscon, Phazyme, Tagamet and Fiber Choice; and the Sominex sleep aid brand.
"We expect that upon completion, the transactions will give our company a strengthened portfolio with total OTC revenues of approximately $500 million, as well as platforms to compete in two new categories: adult aspirin-based analgesics and gastrointestinal," Prestige CEO Matthew Mannelly said. "We believe the acquisitions are consistent with our strategic direction, fit with our fixed asset-light outsourced model, provide opportunities for certain cost savings, are financially attractive to shareholders and will result in annual corporate revenues of approximately $600 million with an OTC business segment representing 85% of revenues and 90% of profits."
Prestige has expanded its product portfolio through acquisition by leaps and bounds in the past year with its acquisition of Blacksmith Brands and Dramamine from Johnson and Johnson.
The transactions are expected to be completed in the first half of calendar year 2012 subject to customary legal and regulatory closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as applicable, and the company closing on its committed financing for the acquisitions.
PTCB to FSA holders: OTCs are still eligible expenses
WASHINGTON — The Pharmacy Technician Certification Board on Tuesday announced a push to inform patients with practical solutions on how to best utilize remaining 2011 flexible spending account funds.
"The Department of Labor estimates that American families spend $185 per year on OTC medications," stated Megan Sheahan, PTCB director of professional affairs. "Pharmacists and pharmacy technicians play an active role in communicating to patients and families that, in addition to being an affordable and accessible component of health care, OTC medications are often eligible for FSA reimbursement with a prescription."
Employees who contribute to FSAs usually must use all of the funds by the end of the plan year or "lose" that non-taxed money altogether. In years past, most OTC medicines were eligible for reimbursement without a prescription, the Affordable Care Act — which went into effect Jan. 1 — established a new standard, classifying many OTCs as eligible for reimbursement but only with a prescription from a physician.
"Medicine Shoppe and Medicap pharmacy teams are committed to helping patients make smart health decisions for themselves and their families, including helping patients make the best use of their flexible healthcare spending accounts," stated John Fiacco, VP and general manager of Medicine Shoppe and Medicap pharmacies. "Pharmacy registers at many Medicine Shoppe and Medicap pharmacies are even equipped with the latest FSA-approved product information, to help patients understand which products qualify for their flexible spending accounts."
‘Pharmacist Sentiment Report’ gets inside the heads of today’s busiest pharmacists
NEW YORK — What new prescription and OTC drugs are top of mind among retail pharmacists? How often do pharmacists REALLY recommend private label? Market Research Solutions asked those questions and more to a panel of more than 200 retail pharmacists from leading chains for its "2011 Pharmacist Sentiment Report" (click here).
Compiled from phone interviews with practicing pharmacists from chains such as Walgreens, CVS, Rite Aid, Target and Walmart, the 32-page report is loaded with exclusive charts and data that provide a clear and concise picture of what today’s pharmacists think about current topics and trends, including —
• new Rx and OTC drugs that are front of mind.
• recent private label recommendation activity.
• most common patient questions.
• recent product inventory issues.
• obstacles and opportunities to better serve patients.
• what they’re doing to improve patient adherence and clinical outcomes, and more.
Responses are measured both in survey totals, as well as broken out by chain. To download a copy of the report, click here.