Teva announces generic Activella tabs
NORTH WALES, Penn. — Teva Pharmaceuticals announced the launch of Mimvey Lo (estradiol and norethindrone acetate tablets, USP), the generic equivalent to Activella tablets. The drug is used to treat certain symptoms of menopause.
"Our customers count on Teva for a continuous supply of new generic products,” said Maureen Cavanaugh, SVP U.S. Generics Sales & Marketing. “With the launch of Mimvey Lo, we add another quality product to our broad line of affordable generic pharmaceuticals.”
Senate confirms Sylvia Burwell as Secretary of the Department of Health and Human Services
WASHINGTON — The Senate confirmed former Walmart executive Sylvia Burwell as Secretary of the Department of Health and Human Services on Thursday by a vote of 78-17, according to several reports.
According to the Wall Street Journal, Burwell is being heralded for her management experience. "Burwell … brings deep management experience to the job that former colleagues say will help her lead the agency’s big projects," WSJ wrote. "Chief among them is ensuring that HealthCare.gov runs smoothly during this fall’s insurance enrollment period."
Burwell is due to be sworn in Monday.
She leaves her post as director of the Office of Management and Budget, WSJ reported. She previously held high-level positions in the Clinton White House, the Bill and Melinda Gates Foundation and the Walmart Foundation, but has never held elected office.
Coty to repurchase shares from Berkshire, Rhône
NEW YORK — Coty announced that, as part of an ongoing share repurchase strategy, it will repurchase shares from investment funds affiliated with Berkshire Partners and Rhône.
Coty will purchase about 28 million shares of Class B common stock owned by investment funds affiliated with Berkshire Partners and Rhône, representing all the shares of Class B common stock they will own on the purchase date. The total consideration for the 28 million shares will be $468 million.
In addition, Brad Bloom from Berkshire and Steve Langman from Rhône will resign their positions on the board, and the Coty board will comprise eight members.
“We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Coty’s record of returning value to shareholders through continued share repurchases,” stated Patrice de Talhouët, Coty CFO. “This repurchase of shares is in addition to our recently announced $200 million incremental share repurchase program authorized by our board, and demonstrates our ongoing confidence in Coty’s strategy to generate long-term profitable growth and strong cash flow."
“On behalf of our board of directors and executive committee members, I would like to thank Brad and Steve for their support, dedication and service to our organization,” stated Michele Scannavini, Coty CEO. “They served with distinction and provided invaluable guidance to management during a pivotal time in our company’s history.”