Financial News

NEW YORK — Three organizations will receive part of $1.3 million in funding that German drug maker Merck KGaA and the National Multiple Sclerosis Society are distributing for MS research.

EMD Serono, the name the Merck KGaA uses in the United States to avoid confusion with U.S.-based Merck & Co., and the National MS Society said the money will help encourage early-stage drug discovery for the autoimmune disease.

CHATHAM, N.J. — Everett Labs has acquired Quinnova Pharmaceuticals from Amneal Enterprises, Everett said Monday.

Everett Labs, a subsidiary of Spain-based Exeltis, said the purchase would help it expand into the U.S. dermatology and women's health markets. Financial terms of the deal were not disclosed.

LAVAL, Quebec — Valeant Pharmaceuticals International will acquire Solta Medical for about $250 million, Valeant said Monday.

The Canadian drug maker said the $2.92-per-share acquisition represented a 40% premium over Solta's closing share price on Friday. Solta develops, manufactures and markets energy-based medical device systems for such cosmetic medical procedures as skin tightening, improving skin texture and others.

MALVERN, Pa. – Endo Health Solutions will acquire the maker of a patch used to treat migraines that received Food and Drug Administration approval at the beginning of this year.

Endo said Monday that it would buy NuPathe for $105 million. In January, the FDA approved NuPathe's patch, Zecuity, a disposable, single-use, battery-powered transdermal patch that delivers the drug sumatriptan, the most widely prescribed migraine medication.

ALLEGAN, Mich. — The Irish High Court has approved Perrigo's pending acquisition of Irish drug maker Elan, the companies said Friday.

ZUG, Switzerland — Following reports in the media in Mexico and Chile of discussions between Alliance Boots and Grupo Casa Saba and its shareholders, Alliance Boots on Wednesday confirmed that it has stopped all discussions with Casa Saba and its shareholders in connection with an investment in Casa Saba or a purchase of certain of Casa Saba’s assets. 

Alliance Boots' decision not to invest has been based on its inability to determine the current financial situation of Casa Saba, the company reported. 

ISSAQUAH, Wash. — Costco Wholesale Corp. had sales of $24.47 billion in first quarter 2014, the club retailer said.

The results, announced Wednesday, were an increase from the $23.20 billion reported in first quarter 2013 and produced a profit of $425 million, compared with the $416 profit last year.

Same-store sales for the quarter increased by 3%, including 3% in the United States and 1% in stores abroad.

While profits increased over the last quarter, the company's earnings per share of 96 cents fell short of the $1.03 expected by analysts.

LONDON — The hedge fund Elliott Management will attempt to block McKesson Corporation’s offer to acquire the German pharmaceutical wholesaler Celesio because it “substantially undervalues” the company, according to a report in the New York Times published Tuesday. 

Elliott has a greater-than 25% share of Celesio and will decline to tender its shares, according to the report.