Walgreens and Alliance Boots strategic partnership with AmerisourceBergen clears any regulatory hurdle
DEERFIELD, Ill. — The deal that paired Walgreens and Alliance Boots with wholesaler AmerisourceBergen has received the required regulatory clearances, the companies announced Friday.
The regulatory clearances permit both Walgreens and Alliance Boots the purchase of up to 7% of the fully diluted equity of AmerisourceBergen in the open market, and the exercise of two warrants for 16% in the aggregate of the fully diluted equity of AmerisourceBergen in 2016 and 2017.
The clearances permit the investment in AmerisourceBergen up to 25% in the aggregate, including the effect of any stock repurchases that AmerisourceBergen may engage in from time to time. Walgreens and Alliance Boots announced that they had been granted the right to purchase a minority equity position in AmerisourceBergen as part of a broader innovative long-term agreement on March 19.
For AmerisourceBergen, the strategic,long-term relationship with Walgreens and Alliance Boots includes a 10-year comprehensive primary pharmaceutical distribution contract with Walgreens; access to generic drugs and related pharmaceutical products through the Walgreens Boots Alliance Development joint venture; and opportunities to accelerate AmerisourceBergen’s efforts to grow its specialty and manufacturer services businesses domestically and internationally.
Walgreens will have the ability to appoint one director to AmerisourceBergen’s board upon Walgreens and Alliance Boots together acquiring a 5% equity stake, and a second director upon exercise in full of the first warrants.
C.O. Bigelow Apothecaries owner wins Long Island University Distinguished Alumnus award
NEW YORK — Long Island University’s Brooklyn, N.Y., campus has given C.O. Bigelow Apothecaries owner Ian Ginsberg its Distinguished Alumnus Award, the university said.
Ginsberg received the award at the campus’ commencement ceremony at Barclays Center Thursday.
A 1985 graduate of the university’s pharmacy school and third-generation pharmacist, Ginsberg is also the chairman of the Independent Cosmetic Manufacturers and Distributors.
Hospira chief scientific officer returns
LAKE FOREST, Ill. — Hospira has reappointed its chief scientific officer after he briefly left the country earlier this year, the generic drug maker said.
Sumant Ramachandra has been reappointed to the position, effective Friday, and will be in charge of the company’s research and development, regulatory and medical affairs.
"Under Sumant’s leadership, Hospira has established one of the most robust biosimilars pipelines in the industry, expanded an already market-leading generic injectables portfolio and built a talented scientific, medical and regulatory organization to execute our vision for future success. While we had interviewed an exceptional slate of candidates for this role, we determined that Sumant remained not only the best fit, but also would be best positioned to seamlessly advance our R&D priorities."