Content about Financial News

ZUG, Switzerland — Swiss drug maker Covis Pharma will buy U.S. rights to five drugs from Sanofi, Covis said Thursday.

MONTREAL — The Food and Drug Administration approval this week of a generic genital herpes ointment made by Mylan could make a slight dent in the stock price of the company that makes the branded version.

Canada-based Valeant Pharmaceuticals International said that while it expected Mylan to receive approval for a generic version of Zovirax (acyclovir) ointment, it did not include the approval in its original budget expectations and thus expected its earnings per share in fiscal year 2013 to be reduced by 30 to 40 cents.

PHILADELPHIA — Frazier Healthcare on Tuesday announced its acquisition of AndersonBrecon, the contract pharmaceutical packaging business and wholly owned subsidiary of AmerisourceBergen. Packaging Coordinators, a provider of pharmaceutical and biotechnology packaging services and Frazier Healthcare portfolio company, will combine with AndersonBrecon to offer services on a global scale.

NEW YORK — Mad Money's Jim Cramer tabbed Safeway over Whole Foods in an interview with The Street published Tuesday.

ALLEGAN, Mich. — Perrigo Co. has completed its acquisition of a Pennsylvania-based animal health company, the drug maker said Monday.

Perrigo announced that it has closed its purchase of Yardley, Pa.-based Velcera for about $160 million. The company makes OTC products for pets, specializing in products traditionally dispensed only by veterinarians. Its products include PetArmor, a flea and tick repellent that had sales of more than $100 million last year.

NEW YORK — Parsippany, N.J.-based Pinnacle Foods — manufacturer and distributor of such food brands as Birds Eye, Duncan Hines, Vlasic, Mrs. Butterworth’s and others — opened for trading Thursday on the New York Stock Exchange under the ticker symbol “PF” after its initial public offering.

CEO Bob Gamgort, along with members of Pinnacle Foods’ leadership team, celebrated the company’s first day of trading by ringing the NYSE Opening Bell and visiting the trading floor to observe the stock opening.

MEMPHIS, Tenn. — The consumer's wallet isn't the only headwind blowing out of a still-struggling economy. Higher operating costs have also helped to undercut Fred's Super Dollar performance in the past year, Fred's CEO Bruce Efird explained to analysts Thursday morning.

SUNBURY, Pa. — Weis Markets on Thursday promoted Paul Stombaugh to VP/corporate controller. 

Stombaugh will take on an expanded role in the company’s decision support and its strategic development. He also will continue to oversee its financial accounting and reporting functions, internal controls, treasury and budgets, Weis reported. He will continue to report to Scott Frost, SVP and CFO.

CARLISLE, Pa. — Martin's Food Markets donated more than $2.2 million in the Richmond and Williamsburg, Va., areas in 2012 as part of its "Living Here, Giving Here" charitable program, the supermarket chain said.

Martin's, part of Ahold USA's Giant-Carlisle chain, said the donations broke a record. The money will go to hunger-relief, animal welfare and poverty relief groups, schools, the United Way, USO of Hampton Roads and Northern Virginia and others.

CAMP HILL, Pa. — Rite Aid is tying in its fundraising efforts for Children's Miracle Network Hospitals with an upcoming children's movie.

The retail pharmacy chain announced it would kick off its 19th annual campaign for the group tied in with "Epic," the 20th Century Fox Films movie that will be in theaters starting May 24. The animated movie tells the story of a teenage girl who is magically shrunk to meet a group of warriors who protect the natural world.

LONDON — The U.K.'s Infirst Healthcare on Monday announced it has successfully raised $32.1 million in new funds. The funding, from Invesco Asset Management managed funds, will be used for the launch of the company's medicines into the cough-cold and analgesic consumer healthcare markets.

MINNEAPOLIS — About $209.3 million worth of Target Corp.'s debt has been put up for sale as the company moves to refinance $679 million worth of debt due between 2028 and 2031, the mass merchandise retailer said.

Target announced plans to purchase $170 million in 6.75% debentures due 2028, $154.9 million in 6.65% debentures due 2028 and $354 million in 7% debentures due 2031.

The company said the $209.3 million tendered so far represented 20.31%, 25.22% and 38.32% of the totals of the three respective security titles.