Valeant launches hostile takeover bid for ISTA
MISSISSAUGA, Ontario — Drug maker Valeant Pharmaceuticals has launched a hostile takeover bid for ISTA Pharmaceuticals, the company said.
The company announced Friday the offer of $6.50 per share for ISTA, an Irvine, Calif.-based maker of eye drugs. ISTA stock had a closing price of $3.89 per share on Thursday.
Valeant originally offered to acquire ISTA on Dec. 2, but ISTA’s management rejected the deal last Wednesday. Valeant noted that its offer represented a 68% premium over ISTA’s 60-day trading average, and ISTA had a net debt of $13 million that brought its total enterprise value to about $327 million.
"We would be willing to consider improving our offer price if we were allowed to conduct due diligence and found additional value," Valeant chairman and CEO J. Michael Pearson said. "Given the importance of the proposed transaction to shareholders of both companies, we have decided to make our proposal public."
FDA approves Sandoz drug for fungal infections
PRINCETON, N.J. — The Food and Drug Administration has approved a drug made by Sandoz for treating yeast and other fungal infections.
Sandoz announced Monday the approval of voriconazole tablets in the 50-mg and 200-mg strengths, a generic version of Pfizer’s Vfend.
Branded and generic versions of the drug had sales of about $189 million during the 12-month period ended in October, according to IMS Health.
US Bioservices receives Specialty Pharmacy Accreditation
VALLEY FORGE, Pa. — US Bioservices, the specialty pharmacy of AmerisourceBergen, on Monday announced that it had received the Specialty Pharmacy Accreditation from URAC, a Washington-based healthcare accrediting organization that establishes quality standards for the healthcare industry.
“US Bioservices’ specialty pharmacy services is focused on helping to positively impact patients’ lives through clinically focused, patient-centric disease and therapy management programs,” stated Craig Miller, US Bioservices’ president. “Our URAC accreditation is a validation of our commitment to quality and accountability in patient care.”
As an independent specialty pharmacy licensed in all states, US Bioservices administers specialty medications, educates patients and provides clinical support to help increase patient compliance to prescribed treatments.