Financial News

MINNEAPOLIS — Supervalu on Thursday reported better-than-expected results with an earnings per share of 44 cents, which was 10 cents above analyst consensus of 34 cents.

“A lower-than-expected tax rate and LIFO charge helped by about 4 cents; the company still cleanly beat consensus,” noted Credit Suisse director equity research Ed Kelly. “It’s obvious that the company pulled back on the unsuccessful promotions initiated last quarter.”

WASHINGTON — U.S. retail sales edged up slightly from last month to $389.3 billion, an increase of 0.4%, the U.S. Census Bureau reported Wednesday.

The increase marks the ninth consecutive month sales have risen, which could indicate that an economic recovery is under way; however, many fear that looming gas and food prices could impact future months.

FRAZER, Pa. — Cephalon has lodged a bidder’s statement to acquire Australian drug maker ChemGenex Pharmaceuticals for $167 million, Cephalon said Wednesday.

Cephalon, which said its offer of 70 Australian cents per share represented a premium of nearly 60% over ChemGenex’s stock price as of March 29, said the Australian company’s directors had unanimously recommended approval of the acquisition. ChemGenex specializes in developing treatments for cancer.

LISLE, Ill. — Pharmacy benefit manager SXC Health Solutions will acquire “substantially all” assets of Worcester, Mass.-based PBM MedMetrics Health Partners, SXC said Tuesday.

The companies expect the acquisition to be completed in second quarter 2011. Financial terms were not disclosed. MedMetrics manages about $200 million in annual drug spend.

DEERFIELD, Ill. — The board of directors for Walgreens declared a quarterly dividend that was 27.3% above last year.

The dividend, valued at 17.5 cents per share, is payable June 11 to shareholders of record May 20.

Walgreens noted that it has paid a dividend in 314 straight quarters (or 78 years) and has raised its dividend for 35 consecutive years.

PARIS — Genzyme now officially is a wholly owned subsidiary of Sanofi-Aventis.

The Paris-based drug maker said that the closing followed the completion of the exchange offer for drug maker Genzyme last week. As its subsidiary, Genzyme will become a new platform in Sanofi's sustainable growth strategy and expand the company's presence in biotechnology, Sanofi said. Genzyme will continue to operate out of its Cambridge, Mass., headquarters, and will be led by Sanofi CEO Christopher Viehbacher for several months.

CHADDS FORD, Pa. — Endo Pharmaceuticals will buy American Medical Systems for $2.9 billion, the drug maker said Monday.

Endo said it and AMS had reached an agreement whereby Endo would acquire the maker of devices and therapies for pelvic health for $30 per share. AMS’ business focuses on men’s health, women’s health and benign prostatic hyperplasia.

FRISCO, Texas — Specialty pharmacy provider Assured Pharmacy will reduce its stock through a reverse stock split, the company said Thursday.

The company, which trades on the pink sheets but seeks to eventually be listed on a larger exchange, announced that it had filed an amendment to its articles of incorporation whereby it would convert every 180 shares of stock to a single stock, reducing the total number of shares of outstanding common stock from 416,200,000 to 2,321,222, while reducing authorized shares of common stock from 3 billion to 16,666,667.