Hilary Kramer is a high-profile lawyer, stock picker and television commentator who has filed more than 40 class-action lawsuits against companies planning mergers or acquisitions, mostly on the grounds that the deals are unfair to shareholders. Among her targets: Animal Health International, a maker of drugs for livestock that was acquired by rival Lextron in 2011 for $251 million.
MWI Veterinary Supply has proven once again why it was such a hot target for drug wholesaler AmerisourceBergen, which is in the process of acquiring the animal-health distributor for $2.5 billion. MWI announced Thursday that its revenues in its fiscal first quarter jumped 16% to $798.5 million, and its net income grew 9% to $20.1 million.
Drug distributor AmerisourceBergen has again reported big quarterly increases in sales and profits as a relationship forged with Walgreens in 2013 continues to pay off big time. And without saying it directly, the company pointed to the phenomenal success of Gilead Sciences' hep C drugs, Sovaldi and Harvoni, as also playing a part in its earnings jump, saying its revenues were powered in part by sales of drugs for treating hepatitis C.
Drug distributor AmerisourceBergen, which has been doing deals to expand its scope geographically, has decided its next step will be to move into distributing veterinary drugs.
Drug wholesaler AmerisourceBergen's saw its pharmaceutical distribution sales jump nearly 40% as it continues to expand work for pharmacy giant Walgreens, but it still came up with a nearly $13 million loss in its last quarter.
Drug wholesaler AmerisourceBergen continues its global expansion with an agreement to buy nearly a 20% stake in Brazilian distributor Profarma Distribuidora de Produtos Farmacêuticos (Profarma).
McKesson, the largest U.S. wholesale distributor of drugs, decided it needed an EU strategy after competitor AmerisourceBergen made its own deal there last year. So it made an $8.3 billion bid for German wholesaler Celesio. But with its failure Monday to close the Celesio deal, the San Francisco-based company finds itself again figuring out how to establish a beachhead on the continent.
U.S.-based McKesson would just like to finalize its $8 billion-plus deal for German drug wholesaler Celesio so that it could try to catch up to competitor AmerisourceBergen in Europe. But Paul Singer, practiced in the art of taking advantage of takeovers, is not about to let that happen without getting something extra for his hedge fund, Elliott Management.
McKesson, AmerisourceBergen and Cardinal Health handle about 95% of the drug distribution market in the U.S. Now it looks like at least two of them will face off in Europe.
Layoffs may be standard fare for much of pharma, but the newly created Packaging Coordinators Inc (PCI) says it has hired 160 folks in 18 months at facilities in Rockford, IL.