BERGEN BRUNSWIG CONTINUES PUSH INTO FLORIDA WITH PURCHASE OF DAVIS BROS.
BERGEN BRUNSWIG CONTINUES PUSH INTO FLORIDA WITH PURCHASE OF DAVIS BROS., a regional drug whslr. with one of its three distribution centers located in South Florida, Bergen Brunswig said in an April 29 release announcing the merger agreement. The purchase of Davis Bros. follows on the heels of Bergen's entry into the Florida market last fall via the purchase of the Allen Co., which had annual sales of approximately $70 mil. Denver, Colorado-based Davis Bros. generated annual sales of approximately $110 mil. from its Rocky Mountain and Southeastern operations, Bergen reported. The purchase price for Davis Bros. was not disclosed. Davis Bros, runs its south Florida operations out of a Ft. Lauderdale distribution center. The merger makes a good fit with Bergen's Orlando-based north Florida business acquired by the purchase of the Allen Co. The addition of Davis Bros. "will expand Bergen Brunswig's Southeast marketplace with distribution centers in Florida and Tennessee and it will give our company a greater penetration in the Rocky Mountains with distribution centers in Colorado and Montana," Bergen Chairman and CEO Emil Martini, Jr. said. Commenting on the company's growing presence in Florida, Martini added, "Last autumn Bergen Brunswig entered the Florida market with the acquisition of the Allen Co. and announced its intention to continue a policy of Sun Belt and high-growth area penetration." The Davis Bros. acquisition comes in the wake of Bergen's decision to scuttle its merger agreement with National Intergroup two weeks ago ("The Pink Sheet" April 22, p. 7). Bergen's seventh acquisition in just under five years, Davis Bros. is also the second largest in terms of annual sales volume behind Synergex, whose sales were $330 mil. at the time of merger. According to the release, Bergen expects the deal, which is subject to regulatory approval, to close at the end of May.
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
Sign in to continue reading.
Need a specific report?
1000+ reports available
New to Pink Sheet?
Start a free trial today!
Register for our free email digests: