Ligand releases details of plan to purchase Pharmacopeia
SAN DIEGO Ligand Pharmaceutical plans to buy New Jersey biotech Pharmacopeia for as much as $70 million, the San Diego drug maker has announced.
Ligand’s shareholders will get an 84 percent stake in the new company, while Pharmacopeia shareholders would get a little more than half a share in Ligand for every Pharmacopeia share they own. That makes the deal worth $1.81 per share.
The deal will probably close in the first three months of next year, depending on regulatory and shareholder approvals.
U.K. National Institute for Health authority advises conservative treatment of ADHD
LONDON The United Kingdom’s National Institute for Health and Clinical Excellence issued guidelines Wednesday recommending that doctors prescribe drugs such as Ritalin sparingly for children with attention-deficit hyperactivity disorder.
NICE said the drugs should only go to kids with severe ADHD, while kids with moderate cases should receive special help from parents and teachers. More than 2.5 million young people in the United States use drugs to treat ADHD.
Ritalin (methylphenidate) had sales of $375 million in 2007, according to financial data from maker Novartis.
Rite Aid adds RX Savings Card discount program chain-wide
CAMP HILL, Pa. Beginning Sept. 29, Rite Aid will makes its RX Savings Card available across the chain, enabling consumers to save on more than 10,000 prescription drugs and more than 3,200 Rite Aid brand products.
“The Rite Aid RX Savings Card has been so successful in Michigan, North Carolina, South Carolina, Georgia and California that we have expanded the program nationwide,” stated Bill Wolfe, Rite Aid group vice president, pharmacy. “Residents in those states really embraced the card and in only a few months have saved over $5 million on their prescriptions, over-the-counter medicines and Rite Aid brand items.”
Benefits of the free card include:
• Access to more than 400 generic medications at $8.99 for a 30-day supply and $15.99 for a 90-day supply for each prescription;
• a 20 percent discount on all other generic medications and brand drug prescriptions;
• a 30-day supply of select generic oral contraceptives for $19.99; and
• a 10 percent savings on more than 3,200 Rite Aid brand products, which include more than 1,500 over-the-counter medications.
The Rite Aid RX Savings Card will especially benefit those who have no or limited prescription insurance. Others who will find particular benefit from the card are those whose prescription plan does not cover certain drugs or who have reached their benefit limits, the company stated.
“Many Americans are without health insurance, even though they may be steadily employed. Combine that with record-high gas prices, increasing food prices and the increasing cost of living in general, and there is a serious need for a card like this to help people take care of themselves and their families,” Wolfe said. “That’s why our list of 30 and 90 day generics at $8.99 and $15.99 cuts across most therapeutic categories and includes some of the most widely used generic drugs such as amlodipine/simvastatin to treat cardiovascular conditions, loratadine for allergies, ranitadine for gastrointestinal conditions, and sertraline which is an antidepressant.”