Copyright 2000 P.G. Publishing Co.
Pittsburgh
Post-Gazette
August 17, 2000, Thursday, SOONER EDITION
SECTION: BUSINESS, Pg. F-1, NEWS BRIEFS
LENGTH: 595 words
HEADLINE: NO
HEADLINE
BODY:
CLARITIN'S MAKER GAINS
REPRIEVE ON ITS PATENT
Drug maker Schering-Plough Corp.
yesterday said the Food and Drug Administration has approved a
six-month extension on its Claritin patent
because the company had tested the drug on children. Congress a
few years ago agreed to give pharmaceutical makers extended
patent time if they would test their medicines on children.
The extra six months means the earliest a less expensive version of the
world's best-selling allergy drug can be launched is December
2002, instead of June 2002. Analysts say the extra six months can mean an extra
$ 1 billion in Claritin sales.
Later this year, the FDA is expected to
approve Schering-Plough's next generation Claritin medicine, which may work
better than the existing drug. Schering-Plough, though, has yet
to reveal what, if any, advances in treatment its new drug
offers.
American Eagle profit dives
American Eagle Outfitters
Inc. reported net income of $ 2.8 million for the quarter ended July 29, or 6
cents a share, down from $ 16.9 million, or 35 cents a share, in the the same
period last year. The Warrendale clothier had warned earnings would take a hit
because of slow sales during the spring and early summer that forced markdowns.
A consensus of analysts' estimates put earnings per share at about 8 cents.
Sales rose 17 percent to $ 209 million from $ 178.6 million last year. Sales in
stores open at least a year fell 2.9 percent.
US Airways cuts European
fares
US Airways has reduced its fares to Europe for travel from Nov. 1
to March 15. For example, round-trip fares between Pittsburgh and London's
Gatwick Airport are priced as low as $ 321. Tickets must be purchased within 72
hours of making reservations, but no later than midnight Aug. 25. Restrictions
-including blackout dates for travel to and from Europe -- also apply.
Steel giant cancels offering
ThyssenKrupp AG yesterday canceled
plans to take its steel unit public after a slump in industry stocks made it
unlikely the world's largest producer of stainless steel could raise the $ 1.4
billion intended. The German company had planned to sell one third of the unit
to the public and use the cash to fund its transformation into a car parts
maker. A drop in European steel shares, the worst performers in Europe this
year, prompted it to abort the sale. Earlier this year the company lost an $ 8
billion battle for Mannesmann AG's car-parts unit.
Bank directors settle
suit
Directors of Bank of America Corp., the top U.S. bank, yesterday
agreed to pay the company $ 2.5 million to settle a shareholders' lawsuit
claiming they wasted corporate assets by giving former board members $ 6 million
in gifts after a 1998 merger. Charlotte, N.C.-based Bank of America, which
changed its name from BankAmerica last year, was formed by the merger of the
former NationsBank Corp. with Bank of America. The new company's directors
subsequently mailed gifts, including $ 180,000 in cash and $ 120,000 in new
stock, to 20 former directors of the two companies.
Also in business ...
Allied-SpectaGuard, formed in March with the merger of Allied Security
of Pittsburgh and SpectaGuard of King of Prussia, will be known as Allied
Security ... Corning Inc. announced a 3-for-1 stock split. The new shares will
be issued Oct. 3 to shareholders of record as of Sept. 5 ... Dial Corp., maker
of its namesake soap and Purex laundry detergent, paid $ 116.8 million to buy
three businesses in the second quarter, including Procter & Gamble Co.'s
Coast soap and the Zout stain remover.
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