AstraZeneca (NYSE:AZN)is selling the global commercial rights, excluding China, Japan, the U.S. and Mexico, to its Losec ulcer treatment to Cheplapharm Arzneimittel of Germany for up to $276m. The disposal includes the Acimax, Antra, Mepral, Mopral, Omepral and Zoltum brands and is part of AstraZeneca’s strategy of reducing its portfolio of mature medicines to enable reinvestment in its main therapy areas. Losec sales in the countries covered by the sale amounted to $98m last year.
The commercial rights to the treatment in the U.S., Japan and Mexico, as well as commercial rights to the over-the-counter version in France, Finland, Ireland, New Zealand and the Netherlands, have already been sold by AstraZeneca.
Plumbing and heating group Ferguson (OTC:FERGY) has announced an 11.5% increase in full-year pre-tax profits to $1.32bn on revenues 6.1% higher at $22bn. Trading profits in the core U.S. business rose by 7.3% to $1.5bn on revenues up 10.1% at $18.4bn. Trading profits in the UK operations, which are being demerged from the group, fell by 1.1% to $69m on revenues down 6% at $2.22bn.
Retail bakeries chain Greggs (LON:GRG) says in an update that sales increased by 12.4% in the third quarter of this year. Like-for-like sales at shops managed by the company were 7.4% higher in the period. The group says its expectations for the full year remain unchanged.
The Competition and Markets Authority has confirmed that it is to refer JD Sports Fashion's (LON:JD) proposed acquisition of shoes retailer Footasylum for a phase two investigation. JD says in a statement that it has considered the CMA's phase one study and rejects its claims that the acquisition would give rise to a realistic prospect of a substantial lessening of competition. Executive chairman Peter Cowgill says: “This transaction will not result in any price increases or a reduction in product ranges or service quality."
The Financial Reporting Council has formally launched an investigation into accountancy group EY's audit of Thomas Cook Group's (OTC:TCKGY) financial statements for the year to September 30. The audit watchdog said last week that it would consider whether there were grounds to launch an inquiry into the accounts of the collapsed travel company.
Finally, advertising company WPP (NYSE:WPP) has appointed Argos chief executive John Rogers as chief financial officer. Mr Rogers was previously chief financial officer at Argos’s parent company J Sainsbury (OTC:JSAIY).