Financial News

WOODCLIFF LAKE, N.J. — Generic drug maker Par has inked a definitive agreement to acquire an India-based developer and manufacturer of generic drugs.

Par said it will acquire Edict Pharmaceuticals for up to $37.6 million in cash and Par's repayment of certain additional pre-close indebtedness. Par noted the acquisition is subject to customary conditions and approvals; the drug maker expects to complete the transaction by the end of the year.

The $290 billion that poor medication adherence costs the U.S. economy every year cuts across every imaginable disease state, but one in which it can be particularly problematic is mental health.


CAMP HILL, Pa. — Rite Aid has raised more than $50 million for Children’s Miracle Network Hospitals since becoming a sponsor in 1994, the retail pharmacy chain said Monday.

Rite Aid stores have been selling $1 paper Miracle Balloons since April in a campaign that will end Saturday, having raised $2.9 million so far this year. To mark the $50 milestone, celebrations will take place at stores in Bronx, N.Y.; Buffalo, N.Y.; Hershey, Pa.; Norfolk, Va.; and Eugene, Ore.

PLEASANTON, Calif. — Safeway's board of directors announced a 21% increase in its quarterly dividend.

The retailer's cash dividend rose to 14.5 cents per share and will be payable on July 14 to stockholders of record on June 23.

Safeway operates 1,692 stores in the United States and western Canada.

HOFFMAN ESTATES, Ill. — Kmart parent company Sears Holdings reported a first-quarter net loss of $170 million, or $1.58 per diluted share, in line with the company's expectations for a net loss in the range of $145 million to $195 million, or between $1.35 and $1.81 per diluted share.

The company reported 2010 net income of $16 million, or 14 cents per diluted share.

FRISCO, Texas — Specialty pharmacy provider Assured Pharmacy said first-quarter net sales jumped to $4.4 million for the period ended March 31, an increase of 22.4% from the year-ago quarter.

The 22.4% increase in sales for the quarter primarily was attributed to an increase in the number of prescriptions dispensed during the period, Assured said.

FAIRFIELD, Conn. — Stop & Shop announced that it has finalized its acquisition of five New Jersey Shore-area Foodtown supermarkets previously owned by Norkus Enterprises.

The transaction involves stores in Freehold Township, Manalapan, Neptune City, Point Pleasant Beach and Long Branch, N.J. Stop & Shop currently operates 10 stores in Monmouth and Ocean counties.

MINNEAPOLIS — First-quarter sales at Target increased 2.8% to $15.6 billion, and same-store sales increased 2%, the company reported.

The modest sales growth translated into earnings per share that advance 9.8% to 99 cents, 4 cents better than analysts’ consensus estimate of 95 cents, and net income that increased 2.7% to $689 million. Share repurchase activity contributed to the earnings-per-share growth as Target spent $819 million during the first quarter to buy back 15.4 million shares at an average price of $53.32.