Financial News

WILMINGTON, Del. — AstraZeneca announced that it is selling its Astra Tech business to a professional dental products company in a cash transaction valued at about $1.8 billion.

Dentsply will acquire Mölndal, Sweden-based Astra Tech, which focuses on dental and healthcare products, services and support. In 2010, Astra Tech recorded worldwide revenue of $535 million.

AstraZeneca noted that the transaction is anticipated to be completed during the second half of 2011.

ST. LOUIS — After Walgreens made its contract dispute with Express Scripts public on Tuesday morning, the pharmacy benefit manager stated it is open to continued negotiations with Walgreens.

CHADDS FORD, Pa. — Endo Pharmaceuticals has acquired a provider of devices and therapies for male and female pelvic health.

Endo said its acquisition of American Medical Systems has boosted the drug maker's devices and services business segment, and the combination of AMS with Endo's existing platform will provide additional cost-effective solutions across the entire urology spectrum.

The company announced its definitive agreement to acquire AMS in a cash transaction valued for approximately $2.9 billion.

Consumers may have tightened their belts in the current economy, but they aren’t skimping when it comes to their pets. The American Pet Products Association’s annual review of spending data revealed that overall spending in the pet category grew more than 6% to more than $48 billion in 2010.

DEERFIELD, Ill. — Soon after reporting double-digit earnings per share growth Tuesday morning, Walgreens announced it would forego as much as $5.3 billion in annual sales, representing some 7% of the company’s business and 90 million prescriptions, as it walks away from its relationship with pharmacy benefit manager Express Scripts.

Wall Street reacted badly to the news — sales of Walgreens’ stock were down more than 6% to $42 and change in mid-morning trading.

NEW YORK — Winn-Dixie has filed suit against Dolgencorp, the parent company of Dollar General. The grocer confirmed that the suit was filed because Dolgencorp “knowingly violates legal, noncompete provisions of Winn-Dixie leases in shopping centers in which both businesses operate,” Winn-Dixie told the Jacksonville Business Journal in an email.

DEERFIELD, Ill. — Walgreens on Tuesday announced the company no longer will participate in the Express Scripts network beginning Jan. 1, 2012, citing unsuccessful renewal negotiations.

NEW YORK — Private-label sales across all three major retail channels reached new heights in 2010, according to the Private Label Manufacturers Association.