PHARMACY

CVS extends tender offer expiration date for Longs Drugs stock

BY Antoinette Alexander

WOONSOCKET, R.I. CVS Caremark has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores, at a price of $71.50 per share in cash, until 9 p.m., New York City time, on Oct. 16.

All other terms and conditions of the tender offer remain unchanged.

As of midnight on Oct. 15 (the date on which the tender offer was scheduled to expire), approximately 23,895,286 shares had been tendered and not withdrawn pursuant to the tender offer, including 4,778,578 shares guaranteed to be delivered within the next three New York Stock Exchange trading days.

The shares tendered and not withdrawn represent approximately 65.88 percent of the outstanding shares, including the shares guaranteed to be delivered, which represent approximately 13.18 percent of the outstanding shares.

“As we previously stated, CVS Caremark’s offer of $71.50 per share is our best and final offer. It has cleared all regulatory hurdles, is fully financed and ready to close. We look forward to completing our merger with Longs and welcoming our Longs colleagues to the CVS Caremark family,” Tom Ryan, chairman, president and chief executive officer of CVS Caremark said.

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Medicare patients not getting cancer screenings often enough

BY Alaric DeArment

ROCKVILLE, Md. A study by researchers at the University of North Carolina shows that screening rates for certain types of cancer among older Medicaid patients lag behind national objectives.

The study, published in the Oct. 13 issue of the Archives of Internal Medicine and based on documented evidence, analyzed 1,951 Medicaid recipients in North Carolina aged 50 and older and found that physicians recommended screening for colorectal, breast and cervical cancer to 52.7 percent, 60.4 percent and 51.5 percent of patients, respectively.

Respective rates of adequate screening for the three cancers were 28.2 percent, 31.7 percent and 31.6 percent.

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Report shows Philadelphia has high rate of those treated for diabetes type 2

BY Alaric DeArment

PHILADELPHIA Percentages of people in Philadelphia who receive services to treat type 2 diabetes are higher than national averages. At the same time, the percentage of working-age people with the disease is higher in the city than the national average.

These are some of the results in the Greater Philadelphia Type 2 Diabetes Report for 2008, released Wednesday by the Greater Philadelphia Diabetes Coalition, which analyzed the demographics, costs and quality of care for people in the city with type 2 diabetes. The report included data from around the city’s metropolitan area, as well as western Pennsylvania and Atlantic City, N.J.

“GPDC helped develop the Greater Philadelphia Type 2 Diabetes Report to serve as a useful resource for employers, illustrating the seirous negative impact diabetes has on the Greater Philadelphia area,” GPDC chairman Dr. Ronald Brooks said. “This report points out the need to prevent diabetes through exercise and prudent nutrition as well as the importance that people with diabetes receive optimal care, based on evidence-based guidelines.”

The report also shows that 57 percent of Philadelphia residents in 2007 were between 18 and 64 years old, higher than the national average of 52.3 percent. In Atlantic City, the rate was 59.4 percent.

It also shows that costs for care of people with Type 2 diabetes are higher in Philadelphia than in the other five markets profiled. In 2007, the average hospital inpatient charges for treating Type 2 diabetics was $95,813, almost twice as high as the national average of $49,870. Hospital outpatient charges were $6,168, while the national average was $4,673.

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