BERGEN BRUNSWIG MOVING INTO FLORIDA VIA ACQUISITION OF THE ALLEN CO
BERGEN BRUNSWIG MOVING INTO FLORIDA VIA ACQUISITION OF THE ALLEN CO. for an undisclosed amount of cash, Bergen announced in a Sept. 10 press release. Noting that the purchase of the Florida whslr. marks Bergen's entry into the state, Bergen Chairman Emil Martini stated that the merger was in keeping with the whslr.'s previously announced expansion strategy. Martini noted that the whslr. has indicated its "intention to expand into the Florida marketplace and continue its policy of penetration of the Sunbelt." The merger is expected to be completed by Oct. 1, Bergen added. Based in Orlando, Fla., the Allen Co. had sales of approximately $70 mil. during fiscal 1984 ended June 30, Bergen said. Allen's primary distribution area is Central Florida. Allen management will remain with the firm following the merger, Bergen said. At an analyst meeting in July, Martini reported that Bergen was ready to re-enter the acquisition market after a slowdown in the company's merger activity over the past year. At that time Martini predicted: "I would be very surprised if we didn't announce a meaningful acquisition before the end of this calendar year."
You may also be interested in...
Newly released Medicare Part D data sheds light on the sales hit that branded pharmaceutical manufacturers will face when the coverage gap discount program gets under way in 2011
FDA appears headed for a showdown with clinicians and the pharmaceutical industry over the proposed new clinical trial endpoints for acute bacterial skin and skin structure infections, the guidance's approach for justifying a non-inferiority margin and proposed changes in the types of patients that should be enrolled in trials
Specialty drug maker Shire has quietly begun scouting deals with a brand-new $50 million venture fund, the latest of several in-house investment arms to launch with their parent company's pipelines, not profits, as the measure of their worth