Financial News

NEW YORK — Pfizer has entered a definitive agreement to acquire a biopharmaceutical company that focuses on the development of pain treatments.

Pfizer, which currently owns a near 11% stake in Icagen, will acquire the company's remaining 8.3 million shares. The aggregate transaction value, which includes the value of the shares currently owned by Pfizer, is about $56 million.

The two companies entered a discovery, development and commercialization collaboration in 2007, which sought to create potential treatments for pain and related disorders.

NEW YORK — Colgate-Palmolive reported on Thursday a 9.5% increase in worldwide net sales as North America net sales slipped 3% during the second quarter.

Worldwide net sales totaled $4.2 billion in the second quarter, an increase of 9.5%, versus second quarter 2010. Organic sales (net sales excluding foreign exchange, acquisitions and divestments) grew 3.5%.

Net income rose 3% to $622 million and diluted earnings per share increased 8% to $1.26. Net income and diluted earnings per share in second quarter 2010 were $603 million and $1.17, respectively.

CAMP HILL, Pa. — Rite Aid’s same-store sales increased by 1.9% in July, the retail pharmacy chain said Thursday.

During the four-week period ended July 23, comp sales jumped 3.1% on the front end and 1.4% in the pharmacy, including a 151 basis point reduction resulting from introduction of new generic drugs. Prescription counts decreased by 0.4%. Total sales during the four-week period were about $1.92 billion, a 1.6% increase over July 2010.

ALPHEN AAN DEN RIJN, Netherlands — Wolters Kluwer will sell its pharma-related business, the market research firm said Wednesday.

The company’s pharmacy business, which includes the brands Source and Adis, includes marketing and publications services, business intelligence products and advanced analytical tools and services to life science professionals.

ALLEGAN, Mich. — Generic drug maker Perrigo has closed its purchase of Paddock Labs, the company said Tuesday.

Perrigo acquired privately owned Paddock, a manufacturer of generic prescription and over-the-counter drugs based in Minneapolis, for $540 million.

“We are very pleased to welcome the Paddock team to the Perrigo family,” Perrigo chairman and CEO Joseph Papa said. “This acquisition is another important step forward in executing Perrigo’s strategy to expand our specialty portfolio of generic Rx products.”

MINNEAPOLIS — Supervalu on Tuesday reported first-quarter fiscal 2012 net sales of $11.1 billion (down 3.7% versus last year) and net earnings of $74 million (up 10.4%), or 35 cents per diluted share. Posted net earnings beat the analyst consensus of 33 cents per diluted share.

PARSIPPANY, N.J. — Watson Pharmaceuticals had sales of $1.1 billion during second quarter 2011, the generic drug maker said.

In a financial report released Tuesday, Watson said the sales figures for the quarter represented a 24% increase over sales in second quarter 2010. Profit for the quarter was $52.4 million, compared with $70.6 million in second quarter 2010.

“Our record $1 billion in net revenues in the second quarter demonstrates the strength of our combined global generics and global brands strategies,” Watson president and CEO Paul Bisaro said.

NEW YORK — Financial services firm Credit Suisse tabulated total basket increases of 2.7% year over year and 1% month over month for retail.

“Our monthly pricing survey in Dallas and Chicago showed that all retailers raised prices on a year-over-year and month-over-month basis with the exception of Jewel [a Supervalu banner operating in Chicago],” Credit Suisse research analyst Ed Kelly wrote in a note published Monday.