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Crystal Bowersox to give acoustic performance for Walk with Walgreens event

BY Michael Johnsen

HOLLYWOOD, Fla. — "American Idol" sensation Crystal Bowersox will deliver an acoustic performance at the second Walk with Walgreens Family Fun Day and Health Fair, to be held March 24, the Diabetes Research Institute Foundation announced Friday.

Walgreens of South Florida has been encouraging customers, employees and community members to participate in the Walk throughout stores and via its dedicated website, WalgreensWalkDRI.com. More than 5,000 people are expected to participate simultaneously at five locations. "Promoting good health in our community is part of the ‘Walgreens Way,’ as we say," said Roy Ripak, market VP at Walgreens. "And there’s no better way to promote it than to get out there ourselves and do it."

Walgreens pharmacists will be on hand for the event, as will representatives from various health-related vendors. "Last year, we were so impressed by the efforts Walgreens made to create this fundraiser for us. It is exciting to see the event, as well as our partnership, grow," stated Robert Pearlman, president and CEO of the Diabetes Research Institute Foundation. "And we couldn’t be more thrilled to have a well-known diabetes advocate like Crystal Bowersox perform for everyone."

Bowersox, 26, is insulin-dependent and was diagnosed with Type 1 diabetes when she was 6 years old. Also available for autographs will be the Miami Dolphins cheerleaders, as well as former Dolphins players.

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Appeals court lifts stay; suspension of Cardinal’s Fla. distribution center license reinstated

BY Michael Johnsen

WASHINGTON — Cardinal Health’s appeal to delay a Drug Enforcement Agency suspension of its license to distribute controlled substances out of its Lakeland, Fla., distribution center was denied Friday by the U.S. Court of Appeals for the District of Columbia Circuit. The ruling lifts a previously granted emergency stay issued by the appellate court earlier this month.

Consequently, Cardinal may not distribute controlled substances out of its Florida distribution center while it appeals the DEA ruling. The wholesaler stated it would continue to meet its customer needs out of other distribution centers, according to reports. Cardinal will resume its appeal of that ruling April 25 with an appellant’s brief scheduled before the U.S. appeals court. The DEA will be heard May 25.

The DEA alleges that 4-of-the-2,500 retail pharmacies served by the Florida distribution center serves had illegally dispensed prescriptions for controlled substances and that Cardinal had failed to ensure that the drugs were not diverted.

Separately, an administrative hearing on Cardinal’s Lakeland, Fla., license is scheduled to begin at the DEA April 3, according to published reports. That process could take more than a year, however.

The D.C. appeals court also denied a motion from the Healthcare Distribution Management Association to file an amicus curiae brief in support of Cardinal Health, according to court records, stating that "neither the federal nor the D.C. circuit rules provide for amici to file or respond to motions."

 

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$10 billion share repurchase program completed by Target

BY Allison Cerra

MINNEAPOLIS — Target has completed its $10 billion share repurchase program.

The program, which was authorized by the retailer’s board of directors in November 2007, represents the repurchase of 193.5 million shares, or nearly 23% of its outstanding shares from that time period, at an average price of $51.68 per share.

Target will continue to repurchase shares under the $5 billion program approved by its board of directors in January, which it expects to complete in the next two to three years.

"Target’s completion of the 2007 share repurchase program demonstrates our long-standing commitment to return cash to shareholders through both dividends and share repurchase," said John Mulligan, incoming EVP and chief financial officer of Target. "Through disciplined financial management, Target continues to generate far more cash than we need to fund appropriate reinvestment in our core businesses. As a result, we intend to continue to invest in the repurchase of shares under our January 2012 authorization."

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