Financial News

NEW YORK — Bristol-Myers Squibb is buying Inhibitex for $2.5 billion, the companies said.

In a $26-per-share tender offer, Bristol will acquire the Alpharetta, Ga.-based developer of treatments for hepatitis C. Inhibitex's lead product is INX-189, an orally administered drug currently in phase-2 clinical trials.

LOS ANGELES and WOONSOCKET, R.I. — CVS Caremark has entered into a definitive agreement to purchase the stand-alone Medicare Part D prescription drug plan business from Health Net for approximately $160 million in cash.

The transaction is anticipated to close in the second quarter of 2012, subject to customary closing conditions and applicable regulatory approvals, including approval from the Centers for Medicare and Medicaid Services.

MATTHEWS, N.C. — Momentum remains on the side of Family Dollar, as the company late Thursday reported another quarter of record sales and profits and the opening of 101 units, which included its first stores in California.

DEERFIELD, Ill. — Walgreens on Thursday reported an approximate 150 basis-point negative impact on prescriptions filled based on prescription transfers, and other trend analysis of prescriptions managed by Express Scripts, as the chain posted its first monthly earnings statement following the discontinuation of Walgreens' relationship with Express Scripts. That represents an increase from a 110 basis-point impact in November, but falls short of the 200 basis-point impact projected by Credit Suisse research analyst Ed Kelly earlier this week.

MEMPHIS, Tenn. — December sales for Fred's realized a 1% gain to a total of $213 million, the discounter said Thursday.

Comparable-store sales for Fred's saw a decline of 0.4% in December, compared with an increase of 0.2% in the same period last year.

Fred's CEO Bruce Efird said sales were affected by unseasonably warm weather and continue to be at the low and midpoint of its projected fourth-quarter earnings per share range.

During the month, Fred's opened seven net stores, including five new pharmacies.

ROCHESTER, N.Y. — Rumors are swirling that Kodak moments may be no more.

According to published reports, the more-than-one-century-old company is looking to seek bankruptcy protection. The Wall Street Journal reported that could file for Chapter 11 bankruptcy this month or in early February and that Kodak was scrambling to sell some of its patents, though a Kodak spokesperson told the publication that "does not comment on market rumor or speculation."

MINNEAPOLIS — Joe Namath he’s not. Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

PLEASANTON, Calif. — Safeway on Thursday announced the sale of 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, a division of Ahold USA. Safeway will continue to operate these stores until the transaction closes, and the company is working through an orderly transition for all of these stores.

In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers.