Alcon criticizes Novartis’ acquisition offer
HUNENBERG, Switzerland Alcon has seen Novartis’ acquisition offer, and it is not impressed.
Novartis announced Jan. 4 that it would acquire a 77% stake in the Swiss eye-care company for $38.5 billion, but an Alcon independent director committee called that amount “grossly inadequate” and said Novartis’ tactics were “coercive” and “offensive.” The Novartis proposal would distribute much of Alcon’s value to its two largest shareholders, though many of Alcon’s minority shareholders have been long-term investors in the company since its 2002 initial public offering or are employees of the company.
“Advocates of sound corporate governance and well-established principles of fairness and equity in both Switzerland and the U.S. are rightly offended by Novartis’ coercive attempts to take advantage of the Alcon minority shareholders,” committee chairman Thomas Plaskett said in a statement. “The committee will evaluate and take all appropriate and available steps to ensure that the rights of Alcon’s minority shareholders are not trampled on in the manner proposed by Novartis.”
UPDATE: A Novartis spokesman told Drug Store News Friday that the company declined to comment on the matter.
Inverness sells vitamins, supplements business
WALTHAM, Mass. Inverness Medical Innovations on Tuesday announced the sale of its vitamin and nutritional supplements business to International Vitamin Corp. for an approximate $63.4 million.
The sale includes Inverness Medical Nutritionals and IVC Industries and constitutes Inverness’ entire vitamin and nutritional supplements business segment. Inverness sold the assets of the business, which include manufacturing facilities N.J.
Through the first nine months of 2009, the business generated net revenues of $63.6 million and contributed an operating loss of $2.4 million.
As a result of the sale, Inverness’ vitamin and nutritional supplements business segment will be presented as a discontinued operation in its financial statements for the fiscal year ended Dec. 31, 2009.
MuscleMaster.com announces voluntary recall of 17 dietary supplements
NORTHBOROUGH, Mass. MuscleMaster.com last week recalled 17 of its dietary supplement brands sold between June 1, 2009, and Nov. 17, 2009, following a communication from the Food and Drug Administration that the products in question may contain ingredients that are steroids.
Specifically, the FDA advised MuscleMaster.com of its concern that the recalled products may contain the following ingredients that are currently classified, or that the FDA believes should be classified, as steroids: “Superdrol,” “Madol,” “Tren,” “Androstenedione” and/or “Turinabol.”
While MuscleMaster.com cannot independently confirm the FDA’s concerns that any one or more of the recalled products in fact contain these ingredients, “MuscleMaster.com is undertaking this voluntary recall out of an abundance of caution and in deference to [the] FDA’s stated concerns,” the online retailer stated.
MuscleMaster.com is an Internet retailer and did not manufacture or formulate these products, the company further stated. “MuscleMaster.com’s decision to implement this recall is not, and should not be construed as, an admission that their decision to sell these products was in violation of the law. In addition it is not, and should not be construed as, an admission that these products are not in compliance with the law.”