Financial News

NEW YORK — GlaxoSmithKline may be looking to buy a Brazilian drug maker for up to $4 billion, according to published reports.

Reuters, citing unnamed sources, said GSK was one of several drug companies looking to buy Ache Laboratorios Farmaceuticos for $3 billion to $4 billion. Other companies looking to buy the drug maker included Novartis, Pfizer and Abbott Labs.

Reuters noted that the company was attractive to drug makers looking to expand their footprints in Latin America and that it was a major producer of prescription and OTC medications.

PITTSBURGH — Mylan has appointed its president and a former Goldman Sachs & Co. partner to its board, the generic drug maker said Monday.

Mylan announced the appointment of president Rajiv Malik and former Goldman Sachs partner Melina Higgins to its board.

AMSTERDAM — Dutch supermarket operator Royal Ahold is selling its majority stake in a Scandinavian supermarket chain to an investors group, the company said Monday.

Ahold, which operates the Giant-Carlisle, Giant-Landover and Stop & Shop banners and the Peapod online grocery service in the United States, said it would sell its 60% stake in ICA to Hakon Invest of Sweden for $3.3 billion.

ICA, based in Sweden, operates the ICA and Rimi chains in Norway and the Baltics.

CAMP HILL, Pa. — Rite Aid has updated the debt refinancing that it announced Jan. 31, the retail pharmacy chain said.

DUBLIN - Elan Corp. will sell the rights to its drug for multiple sclerosis to partnering company Biogen Idec for $3.25 billion plus royalties, the Irish drug maker said.

 HAWTHORNE, N.Y. - Israeli drug maker Taro Pharmaceutical Industries and Indian drug maker Sun Pharmaceutical Industries have terminated their merger agreement, the companies said in a joint statement Friday.

Little explanation for the decision to halt the deal was given, except that terminating the agreement was "in the best interest of the respective companies and shareholders." Taro shareholders would have received $39.50 per share upon the closing of the deal.

TARRYTOWN, N.Y. — Reporting on the third quarter ended Dec. 31, Prestige Brands' CEO Matthew Mannelly told analysts Thursday morning he is "cautiously optimistic" regarding cough-cold reorders given the high consumption levels at retail in late December through January. 

CITY OF COMMERCE, Calif. — Net sales at 99 Cents Only Stores increased 8.8% in third quarter 2013, the company said.

The dollar-store chain announced sales of $439.5 million, a $35.6 million increase over third quarter 2012, while comps increased 4.3%. For the first three quarters of fiscal year 2013, sales were $1.23 billion, an 8.7% increase over the same period last year, while comps increased 4.3%. Profit for the quarter was $12.7 million, compared with $22.2 million at the end of third quarter 2012.