Amneal, Impax to merge
BRIDGEWATER, N.J., and HAYWARD, Calif. — In a move that will turn two players into the fifth-largest generics business in the United States, Amneal Pharmaceuticals and Impax Laboratories on Tuesday announced their plan to merge in an all-stock transaction. The combined company, which will be named Amneal Pharmaceuticals, will have a generics portfolio of roughly 165 product families with 150 pending applications before the Food and Drug Administration.
“In the 15 years since our family founded Amneal, we have established the company as a leader in the U.S. generic pharmaceuticals industry, and today marks an important milestone in these efforts,” Amneal co-CEO and co-chairman Chirag Patel said. “This transaction combines the complementary strengths of both Amneal and Impax to create an even stronger company with the diversification, capabilities and resources to deliver enhanced value for patients, new opportunities for our collective employees and increased growth and value creation for shareholders.”
The combined company, which will be 25%-owned by current Impax shareholders, is expected to create double-digit improvements in revenue and adjusted earnings per share over the first three years following the close of the transaction, and cost savings of roughly $200 million in the same time frame.
At the helm will be Amneal’s Chirag and Chintu Patel, who will serve as co-chairmen of the combined company’s board of directors, as well as Impax president and CEO Paul Bisaro, who will assume the role of CEO of the combined company. Impax’s SVP finance and CFO Bryan Reasons will become CFO of the new company, which will have roughly 6,500 employees.
The companies expect that their merger will bring high-quality research and development capabilities to the combined company, as well as strengthened global supply chain capabilities and a growing specialty franchise from Impax, whose treatments for central nervous system disorders include Rytary, Zomig and Emverm.
“We are excited to join with Impax to create one of the most dynamic companies in the pharmaceutical industry,” current Amneal co-CEO and co-chairman Chintu Patel said. “This combination will help us achieve our long-term goals of providing greater access to safe and affordable medicine for people around the world, while also positioning us for continued success.”
The companies expect the transaction to close in the first half of 2018, subject to the satisfaction of customary closing conditions.
RxOwnership’s expanded partnership with NCPA empowers all pharmacists
ORLANDO, Fla. — Expanding its support of independent pharmacy ownership, McKesson’s RxOwnership team has partnered with the National Community Pharmacists Association to sponsor a series of educational programs aimed at current and future pharmacists considering pharmacy ownership at the NCPA Annual Conference here.
“McKesson RxOwnership is dedicated to supporting the future of pharmacy ownership by giving pharmacists the knowledge, support and tools required to achieve their ownership goals,” said Chris Cella, national VP McKesson RxOwnership. “We are particularly excited to expand our partnership with NCPA to include both current and future pharmacists. We feel it is important to empower any and all pharmacists who are interested in owning and operating an independent pharmacy. We are proud to promote programs like this one and our Women in Pharmacy – Own It Program we recently launched.”
The Women in Pharmacy – Own It Program focuses on four key areas: ownership, mentorship, leadership and work/life balance for women. Creating a community of women helping women succeed, the program includes matching pharmacy students with owners and empowering pharmacy ownership.
Serving as the sponsor of the NCPA Pharmacy Ownership Workshops for the eighth year, McKesson added support for the Student Ownership Boot Camp Series. The Pharmacy Ownership Workshop and Student Ownership Boot Camp sessions are designed to provide current pharmacists and pharmacy students with tools to guide them in pharmacy ownership and enhance their current management skills. More than 50% of past Pharmacy Ownership Workshop participants currently own their own pharmacy.
The NCPA’s Student Affairs program fosters interest in community pharmacy ownership and entrepreneurship among the future leaders of their profession. This year, McKesson has sponsored 26 NCPA Foundation Presidential Scholarships, designed to recognize leadership qualities and academic accomplishments.
For the second year, McKesson RxOwnership took part in the official NCPA student education program on Oct. 14. Kim Diemand, VP North Central Region, McKesson RxOwnership, presented “The Importance of a Business Plan to Your Success.” The session reviewed why a business plan is critical to starting and operating an independent pharmacy. RxOwnership is also participating in the Student Chapter Business Card Swap, which gives hundreds of NCPA student members the opportunity to connect with peers and experienced ownership advisors.
In the past year, RxOwnership assisted more than 400 owners in launching a new pharmacy. Since 2008, the RxOwnership team aided in the ownership-transfer process of more than 4,000 pharmacies.
NCPA convention kicks off with awards
ORLANDO, Fla. — The National Community Pharmacists Association is in the middle of its 2017 Annual Convention, and the organization started off the four-day gathering by honoring a standout independent pharmacist, and kept the spirit going by recognizing another pharmacist’s dedication to patient safety.
At the event’s Opening General Session, NCPA awarded the 2017 Willard B Simmons Indepdnent Pharmacist of the Year award to Lynn Connelly, of Chapin, S.C. The award, sponsored by Upsher-Smith Laboratories and named for a former NCPA executive secretary, was conferred on Connelly for his leadership and commitment to independent pharmacy in his community.
In addition to being politically active in pharmacy issues, Connelly has helped pass legislation around prescription drug monitoring, transparency in generics reimbursemants, creating an ‘any willing provider” provision and allowing pharmacists to administer immunization. He has owned his storye, Medicine Mart Pharmacy, since 1982, and he runs a pharmacy residency program that employs roughly six pharmacy students every year.
And Connelly hasn’t been the only pharmacist recognized as a standout at the NCPA Annual Convention. Trenton Jenks, who owns Prescription Pad Pharmacy in Fruitland, Id., received the 2017 Prescription Drug Safety Award, sponsored by Computer-Rx. The award recognizes pharmacists who have reached out in their communities to educate patients on the benefits of correctly using prescription drugs, as well as the hazards of their misuse.
“We are pleased to name Trenton Jenks the winner of the NCPA 2017 Prescription Drug Safety Award,” NCPA President DeAnn Mullins said. “His comprehensive approach to patient care is what the future of pharmacy looks like. Whether it’s his collaborative work with other health care providers, utilizing medication adherence-driving programs, or his proper disposal of unused medications, Jenks is making a profound difference in his community.”
The awards come as NCPA rolls out its 2017 NCPA Digest, which found that the state of independent community pharmacies continues to grow and expand the scope of services pharmacists can offer their patients. Standout statistics include a slight drop in the estimated number of independent community pharmacists, from 22,160 to 22,041, and the fact that community pharmacies make up some 26% of the pharmacy marketplace. As for the pharmacy’s role in the healthcare system and patients’ lives, the digest notes that 81% of community pharmacists serve populations with 50,000 or fewer people.
“Independent community pharmacies remain indispensable for patients, especially in underserved communities, according to the latest ‘NCPA Digest,’ NCPA CEO Doug Hoey said. “This occurs because of the quality of services, which are growing as pharmacists find new ways to drive better health outcomes for their patients, and through civic engagement in their communities.”