Financial News

IRVINGTON, N.Y. — Prestige Brands will take an acquisition offer from Genomma Lab Internacional under advisement, the company announced Tuesday evening.

Prestige Brands confirmed the company's receipt of a non-binding letter from Genomma Lab Internacional, proposing to acquire all outstanding common shares of Prestige Brands at a price of $16.60 per share in cash.

The economy doesn’t seem to be hurting the As Seen On TV category. A.J. Khubani, CEO of Telebrands, said the company’s business is ahead 20% in 2011 over the previous year, and fourth-quarter sales were up 30%.

“One major drug chain told us that as a nonpharmacy revenue producer, the category is second only to the OTC cold and flu category,” Khubani said. That’s why chain drug retailers continue to devote more space to the category — and not just in the most profitable fourth quarter.

WATERTOWN, Mass. — Novartis plans to pay up to $440 million for rights to a drug for treating hepatitis C made by Enanta Pharmaceuticals, Enanta said.

Enanta said it had made a licensing agreement with the Swiss drug maker for the worldwide development, manufacturing and commercialization of the drug EDP-239, which works by inhibiting NS5A, a protein that is key to the virus' replication.

Sales of hot and cold breakfast cereals have been flat. “Consumers are faced with many breakfast options each day,” said David Browne, senior analyst at Mintel International Group. “While most do eat breakfast, it may mean a cereal/snack bar, yogurt, eggs, toast/bagels, baked goods or fast food restaurant options.” The popularity of egg-based breakfast sandwiches, particularly those available at fast food outlets, has surged. Consumers increasingly are buying breakfast outside the home.

PITTSBURGH — Mylan on Friday announced that the company and its subsidiary, Mylan Pharmaceuticals, have resolved the defamation and other related litigation filed by Mylan against the Pittsburgh Post-Gazette and two of its reporters.

"The litigation has been resolved to the satisfaction of both parties," the parties said in a joint statement. "The Post-Gazette did not find and did not intend to report that Mylan had manufactured or distributed any defective drugs. The Post-Gazette regrets if any reader of the article thought otherwise."

BENTONVILLE, Ark. — Walmart’s U.S. stores division regained customer traffic during the fourth quarter to post a 1.5% same-store sales increase, and continues to gather momentum as familiar strategies and effective marketing are resonating with customers, the company said Tuesday morning in conjunction with the release of quarterly results.

NEW YORK — Pfizer has signed a deal worth more than $500 million with a Chinese drug maker to make generic drugs for China and other markets, the companies said.

Pfizer announced the joint venture with Zhejiang Hisun Pharmaceutical to develop, manufacture and commercialize generic drugs. Hisun will invest $295 million into the venture — called Hisun Pfizer Pharmaceutical Co. — and own a 51% stake, while Pfizer will invest $250 million and own 49%.

A wet spring last year made for ideal allergen-
creating conditions heading into summer 2011 — the growth of ragweed and an increase in mold. According to a Quest Diagnostics study published in 2011, sensitization to common ragweed has grown 15% nationally since 2000, while mold grew 12%. IMS Health projected a strong spring allergy season, especially across the north and northeast.