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AMA Challenges
Aetna Purchase of Prudential Business
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Business New Haven
1/11/1999
By: BNH
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CHICAGO - In an unprecedented move, the American Medical Association (AMA) has written to the antitrust division of the U.S. Justice Department challenging Aetna Inc.'s (NYSE: AET) proposed acquisition of the health care business of the Prudential Insurance Co. The AMA says that the merger would limit the choices that patients, employers and doctors have available to them as well as reduce competition. The proposed deal, worth $1 billion, would make Aetna the biggest HMO in the country and result in more than nine million members insured through Aetna operated health plans.
Fleet Buys Merrill Lynch Specialist Inc.
NEW YORK - Fleet Financial Group (NYSE: FLT) announced on December 21 that it had completed its acquisition of Merrill Lynch Specialists Inc. from Merrill Lynch & Co. Inc. (NYSE: MER). It will be merged into the Fleet Securities Inc. division JJC Specialist, which is the largest of New York Stock Exchange specialist firms. JJC is a market maker for 426 securities, of which 71 are listed in S&P 500.
First Union Global
Cash Management Ranked Third
CHARLOTTE, N.C. - In the 1998 Cash Management Survey done by Ernst & Young, First Union Corp.'s (NYSE: FTU) Global Cash Management Division ranked third among providers of domestic cash management services. Also in the survey, First Union came in among the top five for its cash management products such as lockbox services, check clearing and PC-based reporting. First Union was also ranked sixth for wire transfers. Last May First Union announced a $70 million, two-year plan to develop new cash management products. First Union Corp. offers banking services to more than 16 million customers in offices from Connecticut to Florida.
Bristol-Myers Squibb Is Loser in Patent Infringement
LA JOLLA, Calif. - A jury has awarded $18 million to SIBIA Neurosciences Inc. for patent-infringement damages from Cadus Pharmaceutical Corp. The jury said that Cadus collaborators SmithKline Beecham PLC and Bristol-Myers Squibb Co. (NYSE: BMY) infringed on SIBIA's patent for compound identification and also decided that Cadus induced and contributed to the infringement by their collaborators. SIBIA plans to obtain an injunction prohibiting Cadus' use of the drug assays and from contributing to such infringement by its collaborators. A hearing is scheduled this month.
Executone Will
Adjust Spinoff
MILFORD - Executone Information Systems Inc. (NASDAQ: XTON) announced plans to simplify its proposed spinoff of UniStar, its gaming operations. The plan will eliminate the proposed rights offering that was part of the original deal whereby each Executone share received one right for UniStar stock, with five rights allowing the purchase of one UniStar share. The alteration does not affect the company's plan to spin off 85 percent of UniStar's common equity to shareholders. The remaining 15 percent of shares will be exchanged for Series A and B Executone preferred shares. However, in a setback, a judge in Idaho recently ruled that state regulations applied to telephone gaming, which is the basis of UniStar's telephone and Internet-based national Indian lottery operations. If the decision is upheld, it would limit the company's operations developed for the national lottery operated by the Coeur d'Alene Indians of Idaho. The company believes that the UniStar business is still a good opportunity even in light of the recent ruling and is working to select an investment banker to work with the spinoff.
IMS Health Acquires Logix Inc.
LONDON - IMS Health Inc. (NYSE: RX) announced on December 21 its acquisition of the assets of the Denville, N.J.-based Logix Inc. by IMS' Strategic Technologies group. Logix is a provider of solutions for the pharmaceutical industry for hand-held personal computers (HPC) and fits with IMS Health, which provides information solutions to the health-care and pharmaceutical industries. Since 1995 Logix has been involved in developing and supporting HPC applications for Cornerstone, HPC's marketing and sales automated systems. IMS has operations in more than 90 countries. Its 1997 revenues were in excess of $1 billion.
Perfume Name Stinks, Says Pfizer
NEW YORK - Pfizer Inc. (NYSE: PFE) has filed a lawsuit against a New York seller of perfumes for trademark dilution and has requested that the court forbid Park Plaza Fragrances from its use of the Viagra name on perfume. Pfizer is also asking for treble damages. Pfizer has filed other suits in the past against other entities in order to protect its Viagra trade name.
Stanley Works Name To Grace Work Gloves
MORRISTOWN, N.J. - Magla Products Inc. has announced in a licensing agreement with the Stanley Works (NYSE: SWK) to market its work gloves using the Stanley name. Also in the agreement are other Magla products, including sponges for wallpapering, painting and sanding. Magla Products makes more than 130 types of work gloves including leather, winter and those used for painting, gardening, and chemical-handling purposes.
Dianon and Quest to Offer Lab Services to Oxford Health Plans
STRATFORD - Oxford Health Plans (NASDAQ: OHXP) will be able to customize a laboratory network for its providers and members through an agreement between Dianon Systems Inc. (NASDAQ: DIAN) and Quest Diagnostics Inc. (NYSE: DGX). Quest manages the outpatient laboratory network employed by Oxford, and Dianon's three-year contract with Quest, which became effective January 1, will allow Dianon to provide special laboratory testing for Oxford.
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