Financial News

CAMP HILL, Pa. — Rite Aid has closed a bond offering that it issued earlier this month to refinance its debt, the company said Monday.

Rite Aid said the proceeds of its offering of $481 million in 9.25% senior notes due 2020 would be used to buy back its 8.625% senior notes due 2015.

The retail pharmacy chain announced the offering on Feb. 14. The offering marked the first time that the company was able to tap the unsecured debt market in five years. Rite Aid has carried a heavy debt burden since its 2007 acquisition of the Brooks and Eckerd pharmacy chains.

NEW YORK — One of the world's largest pharmaceutical companies has acquired the maker and distributor of Emergen-C products.

Pfizer on Monday announced its acquisition of Alacer, a privately held company best known for its vitamin C supplement products. Financial terms of the transaction were not disclosed, but Pfizer did note that the deal would complement its Consumer Healthcare division.

WOODCLIFF LAKE, N.J. — Generic drug maker Par Pharmaceutical has completed its acquisition of an Indian drug company, Par said.

Par announced that it had completed its $20.5 million acquisition of Chennai, India-based Edict Pharmaceuticals.

Edict specializes in oral solid drugs and currently has 11 regulatory approval applications under review at the Food and Drug Administration.

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SOUDERTON, Pa. — A Northern Ireland pharmaceutical company has acquired a chemotherapy agent from Gilead.

Galen said it has acquired DaunoXome (daunorubicin citrate liposome injection), an anthracycline chemotherapy agent that was first approved in the United States in 1996, and is indicated as a first-line cytotoxic therapy for advanced HIV-associated Kaposi’s sarcoma. Galen said its wholly owned subsidiary, Galen US, will market the drug in the United States. DaunoXome will be made available through wholesalers in the United States.

ST. LOUIS — Express Scripts chairman and CEO George Paz on Thursday played down the impact of Walgreens' exit from its pharmacy network.

CHAMPAIGN, Ill. — Christie Clinic last week announced it had entered into a purchase agreement with Walgreens for the sale of two of the former's pharmacy operations.

Walgreens will lease the space currently occupied by Christie Clinic for its new operations. The transfer is expected to be completed by the end of March. Walgreens plans to keep both pharmacy locations open and is renovating the facilities, including new signage.

HOFFMAN ESTATES, Ill. — "Integrated retail" was the dominant theme as executives discussed Kmart operator Sears Holdings' plans to restore confidence in the company after a fourth quarter 2011 that even the company's chief executive called "unacceptable" during an earnings call Thursday.

MINNEAPOLIS — Target overcame modest fourth-quarter sales growth to report profits that exceeded its earnings guidance and also provided a better-than-expected outlook for 2012.