Archive: March, 2012
AmerisourceBergen Corp., the Valley Forge drug wholesaler that is 27th on the Fortune 500 list, made its biggest foreign step Tuesday by announcing it has agreed to spend $520 million for World Courier Group Inc., a privately held global specialty-transportation and logistics provider for the biopharmaceutical industry.
The globalization of large U.S. businesses is almost a given these days, but it doesn’t apply to every company in the same way.
AmerisourceBergen had more revenue — $80 billion — than any of the pharmaceutical companies it handles products for, but had only a small presence outside the United States, in Canada and Wales.
Pifzer was second only to General Electric among 70 companies that added billions of dollars to their stockpile of untaxed overseas profits, Bloomberg reported after analyzing financial records of 70 companies.
Those holdings increased 18.4 percent in the last year, according to Bloomberg, which said GE added $102 billion and Pfizer added $63 billion.
All of that adds to the debate about how to reform the U.S. corporate tax code.
Endo Pharmaceuticals said Thursday it plans to change its name to Endo Health Solutions, pending approval by shareholders at the annual meeting in May.
The company has acquired a couple entities in the last few years and hopes it has diversified in the right amounts among branded drugs, generics, devices and services. The therapeutic focus is pain management and urology.
Endo Pharmaceuticals makes the branded drugs, while AMS makes devices, Qualitest handles generic drugs and HealthTronics provides medical services, practice management software, laboratory solutions and electronic health records technology.
The troubled Nebraska manufacturing plant owned by Novartis has translated into a problem for another drug maker as the Lincoln Journal Star reported that GlaxoSmithKline is recalling nearly 400,000 bottles of the blood pressure drug DynaCirc CR.
Novartis produces its own drugs, prescription and over-the-counter, but also manufactures drugs on a contract basis for other manufacturers at the plant near Lincoln. In January, Novartis recalled several of its over-the-counter medicines including Excedrin, Bufferin, GasX and NoDoz.
Endo Pharmaceuticals of Chadds Ford also had to shift production of some of its drugs to an Alabama facility because of the Novartis problems.