Financial News

When it comes to makeup, Hispanic women represent a significant opportunity, and targeting this demographic could help bolster penetration rates of such products as BB creams, according to market research firm Mintel.

THOUSAND OAKS, Calif. — Amgen is buying an Iceland-based biotech company for $415 million, the two said Monday.

Amgen announced it would acquire DeCode Genetics, based in Reykjavik, Iceland, in a deal that Amgen's board of directors unanimously approved. Founded in 1996, DeCode focuses its business on finding links between the human genome and disease susceptibility. The acquisition is expected to close before the end of 2012 and does not require regulatory approval.

NEW YORK — Fragrance gift sets are no doubt a popular choice during the holiday season, and manufacturers hope that this year is no exception.

Over the course of the entire year, 40% of individual fragrance sales take place during the holidays, while 80% of fragrance gift set sales occur during the holiday season, according to stats from the SymphonyIRI Group database cited by Coty.

When buying personal care products, those items that have a higher price tag are likely to be perceived by Asian or Pacific Islanders as being more effective compared with less expensive items, according to market research firm Mintel.

DEERFIELD, Ill. — Walgreens and the Cystic Fibrosis Foundation on Friday announced they have completed a transaction giving Walgreens a significant ownership stake in Cystic Fibrosis Foundation Pharmacy, the parent company of Cystic Fibrosis Services.

Terms of the agreement were not disclosed.

SOLNA, Sweden — Meda announced Friday that it has signed an agreement to acquire MidNite, an OTC sleep-aid product. MidNite is well established in the U.S. and holds a market leading position within a growing category. Transaction terms were not disclosed.

“This acquisition enhances our presence in the U.S. ahead of other future OTC launches," stated Anders Lönner, CEO of Meda. 

Annualized revenues for MidNite are approximately $15 million, the company reported. 

SALT LAKE CITY — Play Beverages on Friday announced that the U.S. Bankruptcy Court for the District of Utah has ruled in its favor and vacated its bankruptcy, freeing it to take legal actions to protect the product license granted for its Playboy Energy Drink.

The judge’s ruling takes Play Beverages out of an involuntary bankruptcy, enabling it to continue its action in state courts against Playboy Enterprises and others to protect its license to produce and sell Playboy Energy Drink.

CAMP HILL, Pa. — As expected, Hurricane Sandy left its mark on Rite Aid's monthly sales as the chain reported a decline in comps for November.

The company said the 3% decrease in same-store sales for the five-week period ended Saturday included a 0.5% decrease in front-end comps and a 4.2% decrease in pharmacy comps, while same-store prescription count increased 2.2% compared with the same time last year.