Purchase price revised in Shoppers Drug Mart, Paragon Pharmacies deal
KELOWNA, British Columbia — The purchase price of Paragon Pharmacies by Shoppers Drug Mart has been revised and now stands at about $73.5 million, according to a statement issued by Paragon Pharmacies.
“The agreement entered into in connection with the transaction contemplated potential purchase price adjustments arising out of Shoppers confirmatory due diligence, which included a review of Paragon’s store operating income. The maximum purchase price reduction under the due diligence adjustment provisions was $7 million. After Shoppers’ due diligence review and negotiations between the parties, an adjustment of $1.5 million to the purchase price was agreed upon,” Paragon stated.
The initial purchase price was about $75 million in cash.
The transaction is currently expected to close on Aug. 1. The agreement contemplates an outside closing date of Sept. 19, 2012.
As previously reported by Drug Store News, Canadian retailer Shoppers Drug Mart is looking to acquire 19 retail pharmacies and three central fill pharmacies located in British Columbia, Alberta and Manitoba from Paragon.
The acquisition of the Paragon retail pharmacies, along with the central fill locations that service the long-term care market, will expand Shoppers’ retail presence in western Canada and will provide a platform for the company’s MediSystem Technologies business to enter the British Columbia and Manitoba markets.
FDA gives tentative approval to generic hypertension drug
MORRISTOWN, N.J. — Actavis has received a preliminary approval for a generic drug for treating high blood pressure, the drug maker said Thursday.
The company said the FDA had given tentative approval to guanfacine extended-release tablets in the 1-mg, 2-mg, 3-mg and 4-mg strengths, a generic version of Shire’s Intuniv. Tentative approval means a generic drug meets the basic regulatory requirements for final FDA approval, but the FDA can’t approve it because the patents covering the branded version have not yet expired. Actavis said it was likely the first company to file an application for generic Intuniv with a paragraph IV certification, a legal assertion that one or more patents covering Intuniv are invalid, unenforceable or not in danger of being infringed.
Intuniv had sales of about $342 million during the 12-month period ended in March, according to IMS Health.
Theodent ‘chocolate’ toothpaste takes home Red Dot International design award
NEW ORLEANS — Emerging biotech company Theodent has received the Red Dot International design award for the innovative product design of its “chocolate toothpaste.”
Theodent’s rich brown and copper-colored box and tube — which recently garnered the cover of Tube News magazine — caught the eyes of the international design panel, which scrutinized 6,823 product entries from 43 countries. Theodent’s packaging was inspired by the company’s proprietary chocolate extract, Rennou, which is the active ingredient in the fluoride-free toothpaste that launched earlier this year in 171 Whole Foods Markets nationwide.
This is the first time that a toothpaste has been awarded the Red Dot for product design and innovative concept.
Theodent executives head to Berlin on Oct. 24 to accept the Red Dot award. Theodent will also celebrate the coveted win at the 2012 Red Dot design awards gala. In addition, Theodent will receive a two-page spread in the Red Dot "International Yearbook of Communication Design 2012/2013" (the official winners exhibition book), and will be prominently featured in the Red Dot museum of international design in Shanghai.
"We are truly humbled and honored that the international jury took note of Theodent’s unique tube design and packaging. We spent two years in the product and prototype development phase and that clearly paid off," stated Theodent president and CEO Arman Sadeghpour.
With this award, Theodent joins the industrial design ranks of Apple, Mercedes-Benz, Flos, Audi, Droog, BMW and B&B Italia to name a few.