Pink Sheet is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

HALSEY DRUG VALUED AT $ 14.3 MIL. IN OFFER FROM TEMPO GROUP

Executive Summary

HALSEY DRUG VALUED AT $ 14.3 MIL. IN OFFER FROM TEMPO GROUP for all of the generic firm's common stock at $ 3 per share in cash. At the end of the third quarter ended Sept. 31, Halsey had approximately 4.8 mil. shares outstanding. Halsey announced the unsolicited offer from Tempo Group, a healthcare firm based in Indonesia, in a Jan. 18 press release. "The offer is conditioned upon unanimous approval of the company's board of directors, the support of the principal shareholders of the company, and the reaching of agreements with principal members of management insuring their continued availability to the company," Halsey said. The company's board will review the offer in early February. In 1986, Halsey sales were $ 9.2 mil. and the net after taxes was $ 142,591. Sales for the first nine months of 1987 were ahead nearly 30% to $ 8.3 mil. and net income more than doubled to $ 230,000. Halsey had ANDA approvals for seven drug products in 1987, including ibuprofen, lorazepam, hydrocodone bitartrate, indomethacin, quindine glucomate and promethazine HCI (Pherazine VC). Halsey is located in Brooklyn, N.Y. It sells generic drugs, primarily under the Blue Cross trade name, to approximately 1,500 accounts. In 1986, Halsey completed its first major public offering, selling 488,750 units, with a net proceeds of $ 3.2 mil. The offering valued each share at $ 2. After the offering, the officers and directors of the firm owned 44.6% of the company stock, with Vice Chairman Seymour Marcus and Chairman Alexander Marcus each owning 21.5%. The president is Jay Marcus, son of Seymour Marcus, son of Seymour Marcus. He assumed the title in 1985. The firm was founded in 1935. It has about 130 employees.

You may also be interested in...



Part D Discount Liability Coming Into Focus: CMS Releases Drug Cost Data

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 Skin Infections Guidance Spurs Debate On Endpoint Relevance

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

Shire Hopes To Sow Future Deals With $50M Venture Fund

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

UsernamePublicRestriction

Register

MT101489

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel