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Financial News

  • Gilead Sciences acquires Pharmasset for $11 billion

    FOSTER CITY, Calif. — Drug maker Gilead Sciences will acquire Pharmasset for $11 billion, or $137 per share, Gilead said Monday.

    Pharmasset, based in Princeton, N.J., is a drug maker that currently has three treatments for hepatitis C undergoing clinical trials, including PSI-7977, which is in late-stage development.

  • Par completes acquisition of Anchen

    WOODCLIFF LAKE, N.J. — Par Pharmaceutical has completed its acquisition of Anchen Pharmaceuticals, the generic drug maker said.

    Par announced plans in August to acquire Irvine, Calif.-based Anchen for $410 million, consisting of a loan and cash it already had.

    A privately owned company, Anchen has about 200 employees and more than 72,000 sq. ft. of manufacturing and warehouse space, Par said.

  • Citi: Flu season to peak later in 2012 than it did last year

    NEW YORK — Citi Investment Research & Analysis is projecting that the peak of flu season may occur beyond last season's peak of January/February, a factor that may place a negative drag on retail same-store sales results over first quarter 2012.

  • Sears Holdings reports wider loss in Q3

    HOFFMAN ESTATES, Ill. — Kmart operator Sears Holdings reported Thursday that its loss widened in the third quarter on softness in its Canada division and on weaker consumer electronics sales.

    The company recorded a loss of $421 million in the quarter ended Oct. 29, compared with a loss of $218 million a year earlier.

    Revenue slipped 1% to nearly $9.6 billion from about $9.7 billion, missing the $9.63 billion expected by Wall Street, and marking the fourth straight quarter of revenue declines.

  • Lilly donates $4 million for tuberculosis drug discovery

    SEATTLE — Drug maker Eli Lilly is donating more than $4 million to the Infectious Disease Research Institute, the company said Thursday.

    The company said the funding, which brings its total donations to IDRI to more than $20 million and its total funding for anti-tuberculosis efforts to more than $170 million, will support early-phase drug discovery efforts focused on identifying new drugs for tuberculosis, including strains of the virus that have grown resistant to multiple drugs. The Lilly TB Drug Discovery Initiative was started in 2007.

  • SXC buys HealthTrans for $250 million

    LISLE, Ill. — Pharmacy benefit manager SXC Health Solutions is buying PBM service company HealthTrans for $250 million, SXC said Thursday.

    Based in Colorado with additional offices in Illinois, Florida and Georgia, HealthTrans provides PBM and healthcare information technology services to about 260 clients, and its PBM business includes a suite of PBM offerings, such as nationwide retail network, formulary and rebate management, Medicare Part D services and mail order.

  • J. M. Smucker reports Q2 sales

    ORRVILLE, Ohio — Second-quarter net sales for J. M. Smucker rose 18% to $235 million for the period ended Oct. 31.

  • Clorox declares quarterly dividend

    OAKLAND, Calif. — Clorox on Tuesday announced that its board of directors declared a quarterly dividend of 60 cents per share on the company's common stock.

    The dividend is payable Feb. 13, 2012, to to stockholders of record on Jan. 26, 2012.

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