Financial News

TORONTO — Canadian pharmacy retailer Shoppers Drug Mart announced on Thursday a boost in first-quarter sales and earnings, driven, in part, by gains at the front end.

PLEASANTON, Calif. — Recent events, which have driven Wall Street analysts to speculate that Safeway is a buyout target, are not interrelated, Safeway chairman and CEO Steve Burd assured analysts Thursday morning during the grocer's first-quarter conference call.

PARSIPPANY, N.J. — Watson has announced its intention to acquire Actavis, the company said.

Following news reports Tuesday that the U.S.-based generic drug maker would acquire Switzerland-based Actavis, Watson announced Wednesday that it would buy the latter for $5.6 billion. News media had reported that the deal would be worth $5.9 billion, while there had been estimates in March that Watson would pay up to $7.3 billion.

NEW YORK — Colgate-Palmolive announced a boost in North America net sales for the first quarter and a gain in its share of the toothpaste market, thanks in part to the launch of Colgate Optic White and Colgate Sensitive Pro-Relief toothpastes, the company said Thursday.

NEW YORK — GlaxoSmithKline said its offer to buy Human Genome Sciences was "full and fair" Wednesday after HGS turned it down last week, according to published reports.

Reuters reported that GSK's $13-per-share, $2.6 billion offer for HGS would give the former full control of Benlysta (belimumab), the first new drug approved by the Food and Drug Administration for lupus in more than half a century. The two companies developed the drug together under a partnership, and the drug received approval in March 2011.

THOUSAND OAKS, Calif. — Biotech drug maker Amgen is buying a pharmaceutical company based in Turkey, the companies said Wednesday.

Amgen said it would acquire 95.6% of Istanbul-based Mustafa Nevzat for $700 million in an all-cash deal, saying the purchase would allow it to expand in Turkey and the surrounding region. The company, also known as MN, is a major supplier of injectable drugs in Turkey and, increasingly, an exporter of medicines.

NEW YORK — Watson Pharmaceuticals is buying Actavis Group for $5.9 billion, according to published reports.

SAN DIEGO — Anglo-Swedish drug maker AstraZeneca will buy a San Diego-based biotech company for $1.26 billion, the two said Monday.