Valeant issues letter to Cephalon stockholders
MISSISSAUGA, Ontario — Valeant Pharmaceuticals International is taking its case directly to Cephalon’s shareholders in its effort to acquire the Frazer, Pa.-based drug maker.
In a letter to the shareholders Thursday, Valeant said its $73-per-share offer, totaling $5.7 billion, was a 29% premium over the 30-day stock price of Cephalon, noting that the price had declined over the last five years and that the average stock price in the month before the offer was $57, which Wall Street analysts didn’t expect to rise above $60.
Valeant also said that Cephalon had not brought a major, novel product to market since 1998 and that Wall Street analysts had predicted the company would face tough times in the future.
Further, Valeant criticized Cephalon’s board, saying it was refusing to let shareholders choose and that impediments that prevented the consummation of Valeant’s offer had been put in place.
LIU’s Arnold & Marie Schwartz College of Pharmacy and Health Sciences celebrates 125th anniversary
NEW YORK — Long Island University’s Arnold & Marie Schwartz College of Pharmacy and Health Sciences celebrated its 125th anniversary with a founding day celebration Thursday.
The college, originally founded as the Brooklyn College of Pharmacy in 1886, has graduated more than 20,000 students. The celebration included special presentations and a cake made by master baker and host of the TLC reality show “Cake Boss,” Bartolo Valastro.
The celebration also kicked off the college’s $12.5 million "Our Founding, Our Future" capital campaign, designed to raise money to expand research and graduate education initiatives, complete renovation and new construction projects and increase the number of scholarships available.
News segment highlights perks of shopping at drug stores
NEW YORK — Local retail pharmacies are not just a place to get a prescription filled; they also offer several perks that can help consumers save time and money and live healthier lives. That was a key message in a recent "CBS News" segment.
The "Drugstore bonuses" segment on April 19 showcased an article in the May issue of ShopSmart magazine that focused on how pharmacy services make drug stores and pharmacists an ideal resource for patients.
Services discussed during the segment included private pharmacist-patient consultations, health screenings, home delivery of prescription medications and discounted generic drug programs. Some pharmacies also are offering credit accounts for customers and such custom services as on-staff "shoppers" who can help customers find an ideal gift.
The CBS segment highlighted the fact that many patients are unaware that some of these services are available at their local pharmacy and that taking advantage of them can save time, money and, in some cases, even a trip to the physician.