Financial News

CAMBRIDGE, Mass. — Drug maker Biogen Idec plans to spend up to more than $560 million to buy a company developing treatments for organ failure.

Biogen Idec announced that it would pay $75 million upfront, plus up to $487.5 million in milestone payments to acquire privately-owned biotech company Stromedix. Stromedix's lead drug candidate is STX-100, a monoclonal antibody entering phase-2 trials as a potential treatment for idiopathic pulmonary fibrosis, a disease that causes difficulty breathing due to scarring of the lungs and is almost always fatal.

BATTLE CREEK, Mich. — Kellogg's is fortifying its snacks business by purchasing Procter & Gamble's Pringles business for nearly $2.7 billion.

The companies expect to complete the transaction in the summer of 2012, pending necessary regulatory approvals.

The announcement follows last year's agreement between P&G and Diamond Foods through which Diamond Foods would acquire Pringles for $2.35 billion. The deal was delayed "to allow Diamond Foods to complete an accounting investigation."

LOS ANGELES — Freeman Beauty has acquired Eclos, a skin care line infused with plant stem cells that stimulate skin's own stem cells to enhance a more youthful look, and C. Booth, a collection of skin care and bath products.

Financial terms of the deal were not disclosed.

CAMP HILL, Pa. — Rite Aid is offering $481 million in eight-year senior notes to refinance debt that is scheduled to be due in three years, the retail pharmacy chain said Tuesday.

Rite Aid said it would use money from the offering to pay interest and other expenses related to a tender offer announced Tuesday for all outstanding 8.625% senior notes due 2015. The price includes the $459 million principal plus a 2.625% premium. The new notes are being offered at a 9.25% interest rate.

NEW YORK — Bristol-Myers Squibb has completed its acquisition of a developer of hepatitis C treatments.

Bristol said it successfully completed its tender offer for all of the outstanding shares of common stock of Alpharetta, Ga.-based Inhibitex, at a purchase price of $26 per share via a “short form merger” in which all such shares were converted into the right to receive the aforementioned share price in cash and without interest, less any applicable withholding taxes.

WASHINGTON — January retail sales are on solid ground, the U.S. Census Bureau reported Tuesday.

U.S. retail and food services sales for the month, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, totaled $401.4 billion, an increase of 0.4% and 5.8% above the year ago-period. Retail trade sales increased 0.4% for the month and 5.5% above the year-ago period, the government agency said.

SUNBURY, Pa. — Weis Markets on Monday reported an increase in 2011 sales of 5% to $2.8 billion.

Weis said its comparable sales for the calendar year also were up, increasing 4.2% for 2011, compared with the year-ago period.

VALLEY FORGE, Pa. — AmerisourceBergen on Monday announced that Michael DiCandilo, the company's EVP and CFO, has left the company to pursue other interests, effective immediately.