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REVCO NEGOTIATING SALE OF CARTER-GLOGAU SUBSIDIARY

Executive Summary

REVCO NEGOTIATING SALE OF CARTER-GLOGAU SUBSIDIARY, a manufacturer of injectable generic pharmaceuticals and vitamins, the drug chain reported in a recent proxy statement. As of Nov. 21, the company had not announced the signing of an agreement. The proxy material covers the proposed $1.3 bil., or $38.50 a share, leveraged buyout offer from a management group led by Revco Chairman Sidney Dworkin. Shareholders will vote on Dec. 16, and the buyout is expected to be completed before year end, the proxy statement notes. Revco's move to sell Carter-Glogau comes as settlement activity associated with E-Ferol begins to wind down. Last month, the chain reported that it had settled "over three-quarters" of the cases involving E-Ferol, an injectable vitamin E supplement for infants, which was pulled from the market in 1984 on evidence that the product was responsible for approximately 40 deaths ("The Pink Sheet" Oct. 27, In Brief). The move also fits with Revco's strategy of re-emphasizing its core drugstore business. In 1985, the chain sold its majority ownership in General Computer Corp. and later expanded into the Northeast market with the purchase of the Carls Drug chain. Revco said it is currently negotiating to sell its Private Formulations unit, a manufacturer of vitamins and food supplements to PharmaControl for between $16-$18 mil. Carter-Glogau appears on target to surpass the five ANDA approvals it received in 1985. Through September, five of the company's ANDAs have cleared FDA: diazepam, testerone/estradiol, dexamethasone, neomycin/dexamethasone and furosemide.
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