Financial News

ST. LOUIS — Just one week after clearing the antitrust hurdle to acquire American Safety Razor, Energizer announced that its acquisition of the company now is complete.

Energizer purchased substantially all of the assets of American Safety Razor for $301 million in cash and the assumption of certain liabilities, the company said.

As previously reported by Drug Store News, Energizer announced in early October that it was the winning bidder for ASR in bankruptcy court proceedings.

HYDERABAD, India A generic drug maker has entered an agreement to purchase another drug maker's U.S. penicillin site.

Dr. Reddy's and GlaxoSmithKline have inked a deal in which GSK will transfer ownership of its penicillin manufacturing site in Bristol, Tenn., and rights for the Augmentin and Amoxil brands in the United States to Dr. Reddy’s, an India-based drug maker.

This transaction is expected to close within the first half of calendar year 2011. Further financial terms and conditions of the agreement were not disclosed.

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WILLIAMSVILLE, N.Y. The parent company of regional supermarket chain Tops Markets had a 39% increase in net sales for third quarter 2010, according to financial results released Monday.

NEW YORK Pfizer has extended the deadline of its $3.6 billion offer to buy King Pharmaceuticals, Pfizer said Monday.

 

Pfizer said it had extended its tender offer to Dec. 17 because certain conditions had not been met, but the two companies plan to have it finished by the end of this year or the beginning of next year.

 

 

King, based in Bristol, Tenn., specializes in branded opioid prescription painkillers.

 

SAN FRANCISCO — A new analysis indicated that retailers should expect a modest increase in sales despite wavering consumer confidence.

The report, developed by global management consulting firm Kurt Salmon Associates, projected 2.1% to 2.6% growth in personal consumption expenditures for fourth quarter 2010. The analysis also showed spending on durable and nondurable goods will continue to outpace spending on services this holiday season.

WHAT IT MEANS AND WHY IT’S IMPORTANT — One of the Big Three in pharmaceutical wholesaling is about to get a lot bigger.

(THE NEWS: Cardinal Health to acquire pharmaceutical distributor Kinray. For the full story, click here)