Board of directors for Kraft Foods OKs grocery biz spinoff
NORTHFIELD, Ill. — Kraft Foods’ board of directors approved the spinoff of its North American grocery business.
Kraft Foods will complete the spinoff of its North American grocery business on Oct. 1 through a pro rata dividend of all outstanding shares of Kraft Foods Group common stock it owns to its shareholders of record as of the close of business on Sept. 19.
In related news, the board also declared a regular quarterly dividend of 29 cents per share of common stock. This cash dividend is payable on Oct. 15 to Kraft Foods stockholders of record as of the close of business on Sept. 19.
Ranbaxy reports Q2
GURGAON, India — Consolidated sales for generic drug maker Ranbaxy Labs totaled $588 million in the second quarter ended June 30, a 28% rise over the year-ago period, the company said.
The drug maker reported that North American sales soared 140% over the year-ago period to a total of $272 million, aided by strong base business. U.S. sales for Ranbaxy were $255 million for the quarter, thanks to strong base business and exclusivity sales of such drugs as atorvastatin and atorvastatin and amlodipine (Lipitor and Caduet, respectively).
Ranbaxy added that during the quarter, it fortified its dermatology portfolio with two approvals from the Food and Drug Administration: Absorica — a novel, patented brand formulation of the acne medication isotretinoin, developed by Cipher, for the treatment of severe recalcitrant nodular acne, which the company expects to launch by the end of 2012 — and Ximino, a novel, patented brand formulation for the treatment of moderate to severe non-nodular acne.
"Sales and profitability grew in the Quarter with overall improvement across major regions, aided further by exclusivity sales in some of the key markets," Ranbaxy managing director and CEO Arun Sawhney said. "We capitalized on our product focus approach with the successful monetization of the atorvastatin and atorvastatin + amlodipine opportunities. The strategy to build long-term, differentiated value drivers was rewarded with two NDA approvals in the dermatological space in the USA."
Target Clinics offering cosmetic services
MINNEAPOLIS — Target’s in-store health clinics recently started offering consultations for eyelash lengthening and the treatment of hyperpigmentation of the skin and unwanted facial hair, according to a local news report.
The Pioneer Press reported that Target Clinics this summer began offering consultations for Latisse for eyelash lengthening; Vaniqa, which is for unwanted facial hair; and a treatment for hyperpigmentation of the skin. Target Clinic won’t actually dispense the medications but is charging $49 for a consultation that will result in a prescription for the medication, the article stated. The cosmetic prescriptions consultations are for those 18 years of age and older.
As previously reported by Drug Store News, RediClinic — which has 29 clinic locations at select H-E-B stores in Houston, Austin and San Antonio — also offers cosmetic services.
For $59 each, RediClinic patients can receive a consultation on Latisse; Lustra, which is a prescription cream that lightens freckles, age spots and other discolorations of the skin; and Vaniqa for unwanted facial hair.