McKesson/PSS Purchase Progresses, Merck Relays FDA Warning: Healthcare Business Recap
On Monday, QLT (NASDAQ:QLTI) said that it will permit Mati Therapeutics, a development firm associated withRobert Butchofsky, QLT’s former President & chief executive, to acquire assets related to the latter’s punctal plug drug delivery system tech in exchange for $500,000. The 90-day option may be extended by Mati for as many as three successive 30-day periods upon payment of an additional $100,000 for each extension. If Mati exercises the option, the companies will enter into an asset acquisition accord and QLT will be entitled to a closing payment of $750,000 along with certain milestone payments and a low single digit royalty on world-wide net sales of all products using or developed from the tech.
The leading healthcare services and information tech firm, McKesson Corporation (NYSE:MCK), said Wednesday that it has received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its the proposed purchase of PSS World Medical (NASDAQ:PSSI). This termination fulfills one of the conditions for the proposed transaction, which remains subject to other customary closing conditions, and includes clearance by the shareholders of PSS World Medical. The purchase should close in the first calendar quarter of 2013.
Are these stocks a buy or sell? Let us help you decide. Check out our Stock Picker Newsletter now.
The acting Chief Financial Officer Edward Powers of Medifast (NYSE:MED) will resign from his position, effective no later than January 4th, to pursue other interests. Powers was appointed on November 13th after the resignation of Chief Financial Officer Brendan Connors while the firm has been and continues to conduct a national search for the position. The Director of Finance – Supply Chain, Joseph Kelleman, will act as chief financial officer until a permanent appointment is made.
Merck & Co. (NYSE:MRK) reports that some 350 medical practices have received an FDA warning that they might have bought unapproved, and potentially counterfeit, versions of drugs from a network of wholesalers that is controlled by Canada Drugs, a global supplier linked earlier this year to fake cancer medicines, according to the Wall Street Journal.