Financial News

MISSISSAUGA, Ontario — Canadian drug maker Valeant Pharmaceuticals International is acquiring an Australian drug maker for up to A$700 million, Valeant said.

Valeant announced that it would acquire iNova, which sells and distributes prescription and OTC drugs in Australia, New Zealand, Southeast Asia and South Africa, from iNova's current shareholders, Archer Capital, Ironbridge and others.

Valeant will pay iNova shareholders A$625 upfront and up to A$75 million in milestones.

FOSTER CITY, Calif. — Drug maker Gilead Sciences will acquire Pharmasset for $11 billion, or $137 per share, Gilead said Monday.

Pharmasset, based in Princeton, N.J., is a drug maker that currently has three treatments for hepatitis C undergoing clinical trials, including PSI-7977, which is in late-stage development.

NEW YORK — Citi Investment Research & Analysis is projecting that the peak of flu season may occur beyond last season's peak of January/February, a factor that may place a negative drag on retail same-store sales results over first quarter 2012.

WOODCLIFF LAKE, N.J. — Par Pharmaceutical has completed its acquisition of Anchen Pharmaceuticals, the generic drug maker said.

Par announced plans in August to acquire Irvine, Calif.-based Anchen for $410 million, consisting of a loan and cash it already had.

A privately owned company, Anchen has about 200 employees and more than 72,000 sq. ft. of manufacturing and warehouse space, Par said.

ORRVILLE, Ohio — Second-quarter net sales for J. M. Smucker rose 18% to $235 million for the period ended Oct. 31.

HOFFMAN ESTATES, Ill. — Kmart operator Sears Holdings reported Thursday that its loss widened in the third quarter on softness in its Canada division and on weaker consumer electronics sales.

The company recorded a loss of $421 million in the quarter ended Oct. 29, compared with a loss of $218 million a year earlier.

Revenue slipped 1% to nearly $9.6 billion from about $9.7 billion, missing the $9.63 billion expected by Wall Street, and marking the fourth straight quarter of revenue declines.

SEATTLE — Drug maker Eli Lilly is donating more than $4 million to the Infectious Disease Research Institute, the company said Thursday.

The company said the funding, which brings its total donations to IDRI to more than $20 million and its total funding for anti-tuberculosis efforts to more than $170 million, will support early-phase drug discovery efforts focused on identifying new drugs for tuberculosis, including strains of the virus that have grown resistant to multiple drugs. The Lilly TB Drug Discovery Initiative was started in 2007.

LISLE, Ill. — Pharmacy benefit manager SXC Health Solutions is buying PBM service company HealthTrans for $250 million, SXC said Thursday.

Based in Colorado with additional offices in Illinois, Florida and Georgia, HealthTrans provides PBM and healthcare information technology services to about 260 clients, and its PBM business includes a suite of PBM offerings, such as nationwide retail network, formulary and rebate management, Medicare Part D services and mail order.