Financial News

PARIS — Sanofi-Aventis said it completed its exchange offer for drug maker Genzyme, which expired just before midnight April 1.

All 224,528,469 shares of Genzyme common stock were validly tendered, which is represented by 84.6% of common stock and 77% of shares on a diluted basis.

Last month, the board of directors of Genzyme unanimously recommended that shareholders accept French drug maker Sanofi-Aventis’ $74-per-share buyout offer.

PITTSBURGH — GNC Holdings on Monday announced, in connection with its previously announced initial public offering, the underwriters have exercised in full their option to purchase from the selling stockholders an additional 3.375 million shares of Class A common stock.

PITTSBURGH — GNC Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

CAMP HILL, Pa. — Total and front-end same-store sales at Rite Aid decreased during March, while pharmacy sales and prescriptions filled increased, the pharmacy retailer said Thursday.

Compared with last year, front-end same-store sales decreased by 1.8% during the four-week period that ended March 26, which the 4,711-store chain attributed to Easter falling on a later date this year, April 24, than last year, when it occurred on April 4.

HERSHEY, Pa. — Expect to see Hershey products carrying a higher price tag.

In an effort to offset input costs, the chocolate giant said it would implement a weighted average price increase of about 9.7% across its instant consumable, multipack, packaged candy and grocery lines.

FRISCO, Texas — Specialty pharmacy group Assured Pharmacy said that same-store sales for January totaled $1.42 million, a 28.5% increase over the year-ago period.

Compared with December 2010 sales, however, January same-store sales decreased 5.6% from sales of about $1.5 million. The revenue drop, Assured said, was due to "seasonality," noting that many patients experienced insurance carrier and coverage changes.

NEW YORK — The Estée Lauder Cos., whose brands include Estée Lauder, Aveda, Bumble and Bumble, American Beauty and Flirt!, has announced that its Aramis and Designer Fragrances division will assume the exclusive worldwide license for the fragrance and grooming business of Ermenegildo Zegna Group, a Milan-based men’s luxury clothing and accessory business.

HYDERABAD, India — Dr. Reddy’s Labs will assume ownership of a penicillin manufacturing site in Bristol, Tenn., from GlaxoSmithKline.

The generic drug maker said it completed the acquisition of the facility and related product portfolio, including Augmentin and Amoxil brands. GSK will retain the existing rights for the aforementioned brands outside the United States.

Further financial terms and conditions of the transaction are not being disclosed.