PHARMACY

Avella Specialty Pharmacy recognized as one of 100 ‘Mid-Market Elite’ companies

BY Michael Johnsen

PHOENIX — Avella Specialty Pharmacy on Thursday was recognized in Chief Executive magazine’s first list of the “Mid-Market Elite.” Avella joins other highly-regarded companies, including Twitter, LinkedIn and LifeLock, in receiving this honor that is given to 100 companies. 

The winners were selected based on their strengths in the following key areas: superior growth, a track record of innovation, an exceptional corporate culture, charismatic leadership and a compelling business model. Avella Specialty Pharmacy represented the only pharmacy operator on the list. 

“It is exciting to learn that Avella has been recognized as a top performing company,” said Avella president Keith Cook. “We are honored to be included on such a prestigious list and joined by other companies that are driving innovation and excellence.”

Chief Executive magazine worked in partnership with GE Capital and the National Center for the Middle Market (Fisher School of Business) at Ohio State University to select 100 honorees from a pool of more than 197,000 public and private companies. The publication specifically called out Avella as the premier provider in the specialty pharmacy industry.

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Valeant Pharmaceuticals to close Solta Medical acquisition

BY Michael Johnsen

LAVAL, Quebec — Valeant Pharmaceuticals International on Thursday announced the expiration of the tender offer by a subsidiary of Valeant Pharmaceuticals International to purchase all of the outstanding shares of Solta Medical for $2.92 per share in cash, without interest (less any applicable withholding taxes). 

The offer expired at midnight on Jan. 23, 2014. 

American Stock Transfer & Trust Company the depositary for the tender offer, has advised that, as of the expiration of the offer, a total of 68.8 million shares had been tendered into and not validly withdrawn from the offer, representing approximately 85% of Solta’s outstanding shares. 

Additionally, the depositary has advised that an additional 3.3 million shares had been tendered by notice of guaranteed delivery, representing approximately 4% of Solta’s outstanding shares. 

The condition to the offer that at least a majority of the outstanding shares of Solta common stock, not including shares tendered pursuant to procedures for guaranteed delivery and not yet delivered, be validly tendered and not properly withdrawn prior to the expiration of the offer has been satisfied. 

As a result of the merger, Solta will become a wholly owned subsidiary of VPI. In the merger, each remaining share of Solta that was not validly tendered in the offer will be cancelled and converted into the right to receive the same $2.92 per share in cash, without interest. Following completion of the merger, the common stock of Solta will no longer be listed for trading on the NASDAQ Global Select Market, which is expected to take effect as of the close of market Thursday.

 

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California bill would allow pharmacists to dispense overdose remedy without prescription

BY Michael Johnsen

SACRAMENTO, Calif. — Assembly Member Richard Bloom, D-Santa Monica, on Tuesday introduced legislation that would authorize a pharmacist to dispense the narcotic antagonist naloxone hydrochloride without a prescription in California. 

Naloxone is used to treat overdoses of narcotic medications including morphine, codeine and oxycodone and works by reversing the side effects of the narcotic, such as sedation and decreased breathing rate.

If the bill passes, a pharmacist who completes one hour in continuing education on the use of narcotic antagonists will be able to dispense the overdose remedy either as part of an authorized prescriber agreement or under standardized procedures and protocols as determined by the Medical Board of California. 

 

 

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