PHARMACY

CVS CEO honored with ‘New Englander of the Year’ title

BY Antoinette Alexander

WOONSOCKET, R.I. CVS Caremark chairman, president and chief executive officer, Tom Ryan, will be honored Tuesday evening with the “New Englander of the Year” award.

Ryan, along with Boston College Chancellor J. Donald Monan and Massachusetts Congressman Richard Neal, will be honored by The New England Council at its Annual Dinner at the Seaport Hotel/World Trade Center in Boston. More than 1,300 guests are expected to attend, including a number of New England’s congressional delegation.

The “New Englander of the Year” award is based on a recipient’s commitment and contribution in their field of work and leadership and impact on the region.

“We are pleased to honor these outstanding recipients,” council president James Brett said. “From business and higher education to public service, these honorees are some of the most influential champions of the region whose contributions are making dynamic changes in the region?s landscape.”

Ryan joined the pharmacy retailer as a pharmacist upon graduating from the University of Rhode Island College of Pharmacy in 1974. Over his tenure spanning more than three decades, he has held numerous managerial and professional positions in the company and was chairman, president and chief executive of CVS/pharmacy from 1994 until the CVS/Caremark merger was completed in March 2007. He assumed the additional title of chairman in November 2007.

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Rite Aid reports cash dividend payout for preferred stock

BY Michael Johnsen

CAMP HILL, Pa. Rite Aid on Monday declared a cash dividend of $0.4049 per share on its 5.5 percent Series I Mandatory Convertible Preferred Stock for the period commencing on Aug. 1, 2008 through Nov. 16, 2008.

The dividend is payable on Nov. 17, 2008 to shareholders of record as of Oct. 15, 2008, the company stated.

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Deciphera, Lilly partner to test compounds in treatment of cancer

BY Alaric DeArment

INDIANAPOLIS Eli Lilly and Deciphera Pharmaceuticals said Friday they would collaborate to investigate a group of Deciphera compounds as a potential cancer treatment.

 

The companies said they would investigate Deciphera’s preclinical B-Raf kinase inhibitors as cancer treatments, combining Deciphera’s drug-discovery resources and Lilly’s drug discovery, development and commercialization resources.

 

 

“This collaboration is further evidence of Lilly’s ongoing commitment to oncology research,” Lilly vice president for discovery research and clinical investigation Dr. William Chin said. “We look forward to working with Deciphera to leverage their B-Raf kinase inhibitor program, with the ultimate goal of developing promising drug candidates for cancer patients.”

 

 

As part of the deal, Lilly will obtain exclusive worldwide rights to any products developed as part of the collaboration, while Deciphera will receive an upfront payment and research funding, as well as up to $130 million in development, regulatory and sales milestone payments.

 

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