VISTA Today Daily News Business Briefs are concise stories that bring you up to date with what’s going on around Chester County. This morning:
Shire Regroups After AbbVie Drops $54 Billion Bid
After AbbVie suddenly decided to withdraw its $54 billion offer to buy Shire PLC, the company had to regroup and start exploring new options in order to revitalize.
Chief Executive Flemming Ornskov used the opportunity to double down on the mission he began after taking Shire’s helm in 2013, remaking the traditional drug maker into a biotech focused company.
This pointed Shire into research to treat brain, eye and stomach diseases. In the process, it has acquired firms such as the rare-disease drug maker NPS Pharmaceuticals. With these kinds of acquisitions, the company is hoping it will help Shire fulfill a pledge to nearly double sales to $10 billion by 2020.
Unfortunately, as a result of the changes, he has decided to downsize Shire’s Chesterbrook offices, reducing the staff from 500 to 326 workers. According to a Shire spokeswoman, many were offered the opportunity to move to the new Boston headquarters, but so far only around 20% have decided to move.
AstraZeneca and Cephalon to Pay $54 Million
The U.S Department of Justice has fined AstraZeneca and Cephalon, Inc over allegations of “Underpaying Rebates Owed under the Medicaid Drug Rebate Program”.
Global pharma giant AstraZenaca has been fined $46.5 million, while the smaller Malvern based drug maker Cephalon has been slapped with a fine of $7.5 million. The fines were based on allegations that the two companies knowingly paying lower rebates to state Medicaid program operators than stipulated under the “Medicaid Drug Rebate Program.”
In a statement released to the press, Benjamin C. Mizer, head of the Justice Department’s Civil Division, explained that the settlement made with the two drug firms is indicative of his department’s resolve to ensure the full implementation of the Federally funded “The Medicaid Drug Rebate Program.”
10th Anniversary of Archery BIGshot
BIGshot Archery, is celebrating its 10 year anniversary with record national sales.
The creator of the most innovative archery targets in the industry is marking the occasion by rewarding its customers with dealer incentives and consumer specials on BIGshotTargets.com for the rest of the year.
The Downingtown based company was founded in 2005 produces archery and bowhunting’s most innovative personal and industrial-strength target systems.
“We want to thank all our customers for recognizing the quality and value we provide and supporting our growth over the past ten years,” states BIGshot’s president, Al Perelli. “We began with a vision to provide quality, value, and profitability to our dealers and plan to continue those efforts as we grow sales nationwide and forge ahead into the global marketplace.”
Dr. Tracy Brower Joins Mars Drinks
Mars Drinks has hired the renowned sociologist and author Dr. Tracy Brower, to be the new global vice-president of workplace vitality.
Her main task in the West Chester based firm will be to conduct research and develop insights toward understanding the role that drinks play in inspiring people to create better, more fulfilling ways to work.
Dr. Brower holds a PhD in the sociology of work, and is the author of Bring Work to Life by Bringing Life to Work: A Guide for Leaders and Organizations.
“Engagement, well-being, collaboration and productivity are more important than ever, and workplace vitality is at the intersection of all of these”, said Browser, “Mars Drinks’ portfolio of workplace-designed technology and drink solutions is a catalyst for workplace vitality, creating moments that bring people together throughout the day.”
Advanced AV Brings in New Era and Promedia Technology
As part of its growth strategy, Advanced AV has acquired Promedia Technology Services and New Era.
Located in Northern New Jersey, Promedia Technology Services is a service provider, specialized in providing solutions that give benefits for usability and security. New Era is a network hosting and software provider located in Australia, New Zealand, and the U.K.
“The rapid advancement of AV/IT ‘convergence’ has paved the way for these strategic discussions” said Michael Boettcher, CEO of Advanced AV, a West Chester based company, “the skill and talent of Promedia Technology Services and New Era, combined with Advanced AV’s enterprise level expertise, will enable us to surpass client expectations of AV/IT products.”