Colgate Total, chef Lorena Garcia team up to engage foodies
NEW YORK — Colgate Total has teamed up with celebrity chef Lorena Garcia to engage foodies across the country and guide them on the path to a healthy mouth and palate.
Colgate added Colgate Total Mouthwash to its portfolio of oral care products last year and this new partnership will kick off at the annual BlogHer Food Conference in Miami on Friday, May 16.
At the conference, Lorena will be dishing up recipes at the Colgate Total booth, conducting blind taste tests and sharing the benefits of Colgate Total Mouthwash. Lorena will also appear at another major food festival later this summer, the Big Apple Barbecue Block Party in New York City.
Lundbeck set to acquire Chelsea Therapeutics
VALBY, Denmark and CHARLOTTE, N.C. — Lundbeck and Chelsea Therapeutics International last week announced an agreement under which Lundbeck will acquire Chelsea.
The transaction will allow Lundbeck to leverage its experience in rare neurologic disorders in the United States through the upcoming launch of Northera, which received approval from the Food and Drug Administration on Feb. 18. The drug is used for the treatment of symptomatic neurogenic orthostatic hypotension and is expected to launch in the second half of 2014. Northera will join Lundbeck’s existing line of neurology medications, which includes Onfi, Sabril and Xenazine.
"I believe this offer represents an attractive offer to the stockholders of Chelsea and is consistent with Lundbeck’s strategic and disciplined approach to acquisitions," said Ulf Wiinberg, president and CEO Lundbeck. "The proposed strategic acquisition of Chelsea — and the launch of its lead therapy, Northera — aligns with Lundbeck’s core strengths in addressing rare and challenging neurological disorders. As a company committed to people living with brain disorders, we are uniquely positioned to make Northera available to those who need it most."
Chelsea stockholders are entitled to $6.44 per share in cash and CVRs that may pay up to $1.50, for a total potential consideration of up to $ 7.94 per share, or $658 million on a fully diluted basis, the companies stated. The offer also provides Chelsea stockholders to participate in the potential commercial success of Northera.
Chelsea’s board of directors unanimously approved the transaction, which is expected to close in the third quarter of 2014.
Hillshire to acquire Pinnacle Foods
PARSIPPANY, N.J. — Pinnacle Foods on Monday announced that it has entered into an agreement to sell the company to Hillshire Brands. The transaction will include cash and Hillshire common stock.
Pinnacle Foods’ portfolio includes such branded food products as Duncan Hines, Vlasic pickles, Wish-Bone and Western salad dressings, and Mrs. Butterworth’s and Log Cabin table sryups, among other brands. The company also is home to the Birds Eye Frozen Division, which includes a variety of frozen vegetables and meals. The combined company will have annual net revenues of approximately $6.6 billion and will be led by current Hillshire President and CEO Sean Connolly.
"This transaction speaks to the value Pinnacle employees have created by executing our strategy of reinvigorating iconic brands," said Pinnacle CEO Bob Gamgort. "The combination of the brand portfolios of Pinnacle and Hillshire creates a powerful food company with broad reach across frozen, refrigerated and grocery categories."
Hillshire will acquire all outstanding shares of Pinnacle Foods; Pinnacle stockholders will receive $18.00 in cash for each share held, along with Hillshire common stock at a fixed exchange ratio of 0.50 Hillshire shares for each Pinnacle share, according to the company.