On Tuesday, Cardinal Health Inc (NYSE:CAH)’s shares inclined 0.91% to $85.08.
Cardinal Health Inc (CAH) declared the completion of the acquisition of The Harvard Drug Group (THDG). A distributor of generic pharmaceuticals, over-the-counter medications and related products to retail, institutional and alternate care customers, THDG was owned by Court Square Capital Partners. The $1.115 billion acquisition was an all-cash transaction using existing cash and new debt.
Headquartered in Livonia, Mich., The Harvard Drug Group had revenues of about $450 million in 2014. There are 450 employees and two distribution facilities comprised of in the transaction.
Cardinal Health, Inc., a healthcare services company, provides pharmaceutical and medical products and services in the United States and internationally. The company operates in two segments, Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, over-the-counter healthcare, specialty pharmaceutical, and consumer products to retailers, including chain and independent drug stores and pharmacy departments of supermarkets and mass merchandisers; hospitals; and other healthcare providers.
Mead Johnson Nutrition CO (NYSE:MJN)’s shares gained 0.88% to $75.80.
Mead Johnson Nutrition Company (MJN) declared that it has reached a settlement agreement with the U.S. Securities and Exchange Commission (“SEC”) fully resolving the SEC’s investigation of certain of Mead Johnson’s promotional practices in China during the period 2008-2013. The investigation was first revealed by Mead Johnson in 2013. Under the terms of the settlement agreement, Mead Johnson has agreed to disgorgement, in addition to the payment of pre-judgment interest and a penalty, resulting in an aggregate payment of US$12,030,000. This payment is in line with the expense provision the company took related to the SEC investigation within its first quarter, 2015, as revealed in its form 10-Q.
The settlement agreement provides that Mead Johnson neither admits nor denies the allegations in the settlement and order. Further, the agreement credits Mead Johnson for its cooperation with the investigation and for taking a number of positive steps to bolster its compliance program, function and processes.
Mead Johnson Nutrition Company manufactures, distributes, and sells infant formulas, children’s nutrition, and other nutritional products. It offers routine infant formula products as a breast milk substitute for healthy infants for the use as the infant’s source of nutrition, in addition to a supplement to breastfeeding under the Enfamil Premium, Enfapro Premium, Enfamil A+, and Enfalac A+ names; and solutions products to address common feeding tolerance problems, counting spit-up, fussiness, gas, and lactose intolerance under the Enfamil Gentlease and Enfamil A.R names.
At the end of Tuesday’s trade, Penn Virginia Corporation (NYSE:PVA)‘s shares dipped -1.25% to $0.800.
Penn Virginia Corporation (PVA) declared that it has closed the formerly declared sale of its East Texas assets. The net cash proceeds from the sale were about $74 million, counting customary closing adjustments.
Pro forma for the East Texas divestiture, at June 30, 2015, our total debt ratio and credit exposure ratio, defined as all outstanding borrowings under our revolving credit facility (Revolver) plus any outstanding letters of credit, were 3.6 times and 0.4 times trailing twelve months’ pro forma Adjusted EBITDAX, respectively, with $138 million outstanding under our revolving Revolver and financial liquidity of $259 million. This compares to total debt and credit exposure ratios of 3.7 times and 0.6 times, respectively, with $212 million outstanding under the Revolver and financial liquidity of $215 million as of June 30, 2015.
Penn Virginia Corporation, an independent oil and gas company, explores, develops, and produces crude oil, natural gas liquids, and natural gas in various onshore regions of the United States. The company’s operations comprise the drilling of unconventional horizontal development wells in the Eagle Ford Shale in South Texas. It also has operations in the Granite Wash in Oklahoma, and the Haynesville Shale and Cotton Valley in East Texas.
Koninklijke Philips NV (ADR) (NYSE:PHG), ended its Tuesday’s trading session with -1.21% loss, and closed at $25.29.
Royal Philips (NYSE: PHG) launched the 3rd Annual “ISRRT Dosewise Radiographer of the Year” contest to further enhance awareness about the risks of radiation dose exposure during diagnostic image testing. The annual contest, conducted in partnership with the International Society of Radiographers and Radiological Technologists (ISRRT), recognizes dose-conscious radiographers from around the world for their contribution in improving dose tracking and measurement and efforts toward overall radiation dose reduction.
As one of the early pioneers of radiation dose administration solutions, Philips extended its leadership with the launch of the DoseWise Portal, a comprehensive radiation dose administration software solution that monitors dose exposure risk for patients and clinicians. It allows providers to proactively record, analyze and monitor imaging radiation dose for patients and clinicians across multiple diagnostic settings. The solution automates monitoring and tracking, facilitating compliance with reform and accreditation requirements. The “ISRRT Dosewise Radiographer of the Year” contest is geared to encourage innovation and generate new ways to manage radiation dose risk.
Koninklijke Philips N.V. engages in healthcare, consumer lifestyle, and lighting businesses worldwide. It provides various integrated clinical solutions, counting radiation oncology and portfolio administration; computed tomography, magnetic resonance imaging, and molecular imaging products; digital X-ray and mammography products; interventional X-ray products in cardiology, radiology, surgery, and other areas; and ultrasound products.
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