KENILWORTH, N.J. — Merck & Co. said Monday it will acquire Cubist Pharmaceuticals Inc. for $8.4 billion. The transaction will include $1.1 billion in net debt (based on projected cash balances) and other considerations for a total transaction value of about $9.5 billion. "Cubist is a global leader in antibiotics and has built a strong
LONDON — GlaxoSmithKline PLC (GSK) has reversed a plan to possibly sell some of its established drugs in order to focus on fast-growing medications. "The company has evaluated all bids received and has concluded, consistent with its key criteria of maximizing shareholder value, not to pursue divestment of these products," GSK said in a filing
NEW YORK — Two pharmacy technology companies have struck licensing deals for Walgreen Co.’s prescription alignment patents. VoicePort LLC and Ateb Inc. announced agreements covering Walgreens’ portfolio of prescription alignment patents. "VoicePort’s Synchro-Script technology works best for everyone when it is backed with robust intellectual property and patents," said Christopher Mann, the Rochester, N.Y.-based company’s
NEW YORK — Walgreen Co. and Rite Aid Corp. each recorded sales increases in June. At Walgreens, sales totaled $6.28 billion, an increase of 8.9% from $5.77 billion for the same month in fiscal 2013. Total front-end sales increased 1.8% in June compared with the same month in fiscal 2013, while comparable-store front-end sales increased
CINCINNATI — Kroger Co. announced an agreement to buy Vitacost.com Inc., an online seller of vitamins, natural food, and health and beauty aids, to bolster its online retailing presence. Boca Raton, Fla.-based Vitacost.com has 2.3 million customers and $382 million in annual sales. Kroger, the nation’s largest supermarket chain, said Vitacost.com is attractive because of its
WOONSOCKET, R.I. — A chainwide effort to make it easier for customers to make health-conscious decisions when shopping for food and snacks has been rolled out by CVS/pharmacy with the launch of Gold Emblem Abound, a new brand of snack products. It includes more than 40 wholesome items that are free from artificial flavors and
GOODLETTSVILLE, Tenn. — Rick Dreiling will retire as chief executive officer of Dollar General Corp. on May 30, 2015, or upon the appointment of a successor. Dreiling, 60, who is also chairman of the discount retailer’s board of directors, will continue in that role during a transition period following his successor’s appointment, the company said
BENTONVILLE, Ark. — Walmart has reordered its merchandising division with 13 executive appointments, including the promotion of company veteran Scott Huff to executive vice president responsible for merchandising operations. Michelle Gloeckler was promoted to executive vice president of consumables and U.S. manufacturing. John Aden is assuming a new role as executive vice president of innovation
DEERFIELD, Ill. — Walgreen Co. said Tuesday that its third-quarter sales increased 5.9% over the previous year’s quarter to $19.4 billion as total sales in comparable stores increased 4.8%. Sales for the first nine months increased 5.6% to $57.3 billion. Front-end comparable-store sales (those open at least a year) increased 2.2% in the third quarter,
BENTONVILLE, Ark. — Walmart said it has hired Delhaize Group executive Dirk Van den Berghe to lead its Canadian operations. He will officially become chief executive officer of Walmart Canada on August 1. Van den Berghe has 30 years of international business experience, most recently as CEO of food retailer Delhaize’s operations in Luxembourg and
SCOTTSDALE, Ariz. — Tony Civello, former chairman, president and chief executive officer of Kerr Drug, has been awarded the National Association of Chain Drug Stores’ Sheldon W. Fantle Lifetime Achievement Award. Civello was recognized for his nearly five decades of service to pharmacy and the chain drug store industry. Civello led Kerr from 1996 through
WOONSOCKET, R.I. — CVS Caremark Corp.’s fourth quarter earnings beat analysts’ expectations as pharmacy sales were boosted by new drugs and new customers for specialty medications. Net income climbed 12.4% to $1.27 billion, or $1.05 a share, from the year-ago period. Stripping out amortization charges of $124 million in both quarters, adjusted income from continuing
DEERFIELD, Ill. — Walgreen Co. Monday morning reported a 7.2% increase in its December sales. Comparable-store sales for the month rose 6.1%. Total sales at the 8,200-store chain hit $7.2 billion for the month, up from $6.72 billion last December. The company said its front-end sales increased 4% over December 2012 totals, while comparable-store front-end
NEW YORK — Retail pharmacies are taking steps to assist individuals experiencing coverage issues now that the Affordable Care Act is under way. At CVS Caremark Corp., for example, pharmacy teams are providing information to patients so that they can help them contact the appropriate health plan or insurance exchange. "And we are communicating with
