Key Developments For Walgreen Co
Walgreen Co (WAG) (NYSE Arca)
Walgreen Company Agrees To Acquire Assets Of 12 Eaton Apothecary Pharmacies From Nyer Medical Group Inc.
Walgreen Company announced a definitive agreement in which the Company agreed to acquire the assets of 12 Eaton Apothecary pharmacies in the Boston area from D.A.W., Inc., a subsidiary of Nyer Medical Group, Inc. The transaction is valued at approximately $19 million. The acquisition is subject to certain terms and conditions, and is expected to close within the next 90 days.
Walgreen Company Announces $2 Billion Share Repurchase; Declares Dividend
Walgreen Company announced that it has authorized a new $2 billion share repurchase program. The program, which expires at the end of 2013, replaces the previous $1 billion plan announced in January 2007 which had approximately $655 million remaining. Since 2004, Walgreens has repurchased more than $1.3 billion of common stock. Walgreen Company also announced that the Board also declared a regularly quarterly dividend of $0.1375 per share, a 22.2% increase over the year-ago dividend, and set a long-term dividend payout target of 30% to 35% of net earnings.
Carey & Danis LLC Announces Filing Of 4 Civil Lawsuits On Behalf Of 20 Plaintiffs Against Johnson & Johnson And Ortho-McNeil Pharmaceutical Inc., The Makers Of Levaquin, As Well As Walgreens Company
St. Louis-based law firm Carey & Danis LLC announced the filing of four civil lawsuits on behalf of twenty plaintiffs against Johnson & Johnson and Ortho-McNeil Pharmaceutical Inc., the makers of the antibiotic Levaquin, as well as the Walgreens Company, which sells the drug. The lawyers of Carey & Danis are currently investigating over 1,200 potential claims involving the drug. The four lawsuits filed on September 2, on behalf of 20 plaintiffs include; Moore, et al. v. Johnson & Johnson, et al., Hildebrandt, et al. v. Johnson & Johnson, et al.; Doles, et al. v. Johnson & Johnson, et al.; and Price, et al. v. Johnson & Johnson, et al. The lawsuits allege that Johnson & Johnson and Ortho-McNeil promoted Levaquin as a safe and effective treatment for lung, sinus, skin and urinary tract infections. However, the suits claim, these defendants knew for years that Levaquin causes tendinitis and severe tendon rupture at rates higher than those seen with other antibiotics. It is alleged that the defendants tried to thwart early efforts to warn patients of the risks by manipulating study data and that they downplayed the risks to physicians. The lawsuits assert state law claims against Johnson & Johnson and Ortho-McNeil of strict liability, negligence, breach of express and implied warranties, violation of the Illinois Consumer Fraud Act and unjust enrichment. Against the Walgreen Co. the suits assert claims of failure to warn and negligence.
Walgreen Company Joins Forces With Caterpillar Inc. To Lower Prescription Drug Costs
Walgreen Company announced an agreement with Caterpillar Inc. that establishes a direct relationship for the purchase of prescription drugs using a transparent pricing model. Walgreens Pharmacy Management Excellence program provides transparent prescription drug pricing to employers who offer prescription drug benefits to their employees, dependents and retirees. Under the program, Caterpillar is given a Walgreens Price List which is based off of the cost Walgreens pays the drug manufacturer. Walgreens and Caterpillar also agreed to explore, through Walgreens Complete Care and Well-Being program, other ways of creating an integrated health care and pharmacy program. In addition, Walgreens is separately providing Caterpillar employees, dependents and retirees a significant discount on all Walgreens branded and non-branded products as "well being" goes beyond medical needs and also encompasses affordability and convenience.
Walgreens Company Announces Joint Venture with Vanderbilt Medical Center
Walgreens Company announced that it has entered into a joint venture with Vanderbilt Medical Center, a Nashville-based comprehensive healthcare facility and a major patient referral center for the mid-South. The joint venture will operate under the name Vanderbilt Home Care, affiliated with Walgreens Infusion and Respiratory Services, and will be located in Brentwood, Tenn.
