FDA accepts regulatory application for Qnexa
MOUNTAIN VIEW, Calif. The Food and Drug Administration has accepted a regulatory approval application for a drug to treat obesity, according to the company that makes the drug.
VIVUS announced Monday that the FDA had accepted its application for Qnexa. The company expects the agency’s review of the drug to be finished by Oct. 28.
According to placebo-controlled phase 3 trials of Qnexa, the drug helped patients lose weight while also helping cardiovascular, inflammatory and metabolic risk factors.
“The FDA’s acceptance of the Qnexa [application] marks an important milestone in the development of Qnexa as a treatment for patients who are obese or overweight with co-morbidities,” VIVUS CEO Leland Wilson stated. “We believe that Qnexa, if approved, will play an important role in treating the millions of patients living with obesity and related disease and who are in need of safe and effective options.”
Bashas’ rejects Albertsons’ buyout bid
NEW YORK Bashas’ has turned down a nearly $300 million buyout offer from Albertsons, according to published reports.
According to an American City Business Journals article, the Chandler, Ariz.-based Bashas’ was uninterested in a buyout offer of $290 million for the chain.
Bashas’ filed for Chapter 11 bankruptcy protection in July, announcing the following month that it would close 14 stores. Still, the published reports quoted an attorney representing the company as saying that the reorganization plan would ensure Bashas’ remained in the hands of the Bashas family, which has owned it since 1932.
Shoppers’ new initiatives sets chain up to become retail giant
WHAT IT MEANS AND WHY IT’S IMPORTANT While the decision to move in this direction may have been made before Chong Bang crossed the border, there is no questioning that industry watchers will be focused on what SDM’s new top merchant will do to further improve the stores.
(THE NEWS: Shoppers Drug Mart takes a page out of CCR playbook. For the full story, click here)
That has a lot to do with Bang’s pedigree — he’s directed a significant merchandising program at Walgreens, one of the leading pureplay pharmacies in the United States. And now he’s at Shoppers, the leading drug store retailer north of the border.
Bang will be armed at Shoppers with the sales data generated by 9.7 million members of the pharmacy’s Optimum loyalty program, 80% of whom are women. When you consider that there are only 34 million Canadians, that means that almost 1-in-3 Canadians are members of Shoppers’ loyalty program, and almost 1-in-2 Canadian women.
Presently, Shoppers plans to grow its square footage at a clip of 8% to 9% with a new distribution center slated to open in 2010 to help support that growth. And that’s really going to be Bang’s merchandising challenge — finding a way to slip one more item into that Shoppers marketbasket in a saturated marketplace. Bang certainly can’t build front-end sales by attracting new customers. There just aren’t that many Canadians who don’t already shop at Shoppers.
For Bang, it’ll be a question of optimizing categorical synergies and in doing so help drive impulse purchases. Similar to Walgreens, Shoppers is on a mission to make a good shopping experience better, and Bang’s expected to help realize that goal.