PHARMACY

Navarro Discount Pharmacies broadens reach

BY Antoinette Alexander

MIAMI — Navarro Discount Pharmacies has signed a lease for a new 14,000-sq.-ft. store in north Miami. With a store opening planned for the summer of 2011, the newest store will be the company’s 29th location and its first new store opening since its airport location opened in 2007.

The move is part of the company’s three-year growth plan, which includes adding as many as 22 new store locations in Miami-Dade, Broward and Palm Beach counties over the next three years, as well as remodeling up to five existing locations annually. Three existing stores, including Hialeah Gardens, were remodeled in the last 12 months.

"Being in north Miami will allow us to reach out to introduce our successful community pharmacy and discount model to additional ethnic groups and expand our loyal customer base," stated Steve Kaczynski, CEO of Navarro Discount Pharmacies.

According to the retailer, new store and existing store renovations include new merchandise layout, new colors, enhanced signage and improved services for customers, such as a pediatric pharmacy for busy parents, free compounding pharmacy services, a free Diabetes Club for adults and children with diabetes, and free prescription delivery for all customers.

Other parts of Navarro’s overall growth plan include identifying new wholesale partnerships and business development opportunities, as well as adding e-commerce capabilities to its website for the Hispanic population that lives outside of southern Florida.

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PHARMACY

BI, Lilly form strategic partnership for diabetes drugs

BY Alaric DeArment

INDIANAPOLIS — U.S. drug maker Eli Lilly and German drug maker Boehringer Ingelheim will collaborate to develop drugs for diabetes, the companies said Tuesday.

The agreement centers around investigative drugs currently in mid- to late-stage clinical development, including two oral drugs made by BI, BI10773 and linagliptin, and two basal insulin analogues made by Lilly, LY2605541 and LY2963016. The deal also includes options to develop and commercialize a Lilly monoclonal antibody.

Under the agreement, Lilly will pay BI $389.1 million, and BI will be eligible to receive up to $810.8 million in milestone payments related to linagliptin and BI10773. Lilly will be eligible to receive up to $650 million in milestone payments related to its two insulin analogues. If the two companies decide to develop the monoclonal antibody, Lilly could receive an additional $525 million in milestone payments.

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FDA accepts application for extended-release Janumet

BY Alaric DeArment

WHITEHOUSE STATION, N.J. — The Food and Drug Administration has accepted a regulatory approval application for a drug to treat Type 2 diabetes made by Merck, the drug maker said Tuesday.

Merck announced the acceptance of its application for extended-release Janumet, which combines in a single pill the active ingredient sitagliptin with extended-release metformin, a drug commonly prescribed for Type 2 diabetes.

Janumet belongs to the class known as DPP-4 inhibitors, which also includes Onglyza (saxagliptin), made by Bristol-Myers Squibb and AstraZeneca. Merck also makes an immediate-release formulation of the drug.

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