King buys drug from California company
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BRISTOL, Tenn. - King Pharmaceuticals, based in Bristol, closed its $295 million asset purchase agreement with San Diego-based Ligand Pharmaceuticals under which King has acquired the pain medication Avinza, morphine sulfate extended-release. Avinza is indicated as a once-daily morphine treatment for chronic, moderate to severe pain in patients who require continuous, around-the-clock opioid therapy for an extended period of time, including osteoarthritis, back pain, musculoskeletal conditions, cancer and neuropathic pain. Under the terms of the agreement, King has made a $246 million payment to Ligand to acquire all the rights to Avinza in the United States and Canada. In addition, King has reimbursed Ligand for certain product-related liabilities and other expenses totaling $49 million and has assumed all existing product royalty obligations.
IPC buys Tri-Cities hospitalist practices
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NORTH HOLLYWOOD, Calif. - IPC â€“ The Hospitalist Company announced this week that it is continuing its growth in Northeast Tennessee and surrounding areas with the acquisition of two hospitalist practices, Kingsport Consultants and Bristol Consultants. IPC began serving the area about one year ago when it acquired Inpatient Medicine Services. The acquired practices, headed by founder and President Dr. Donald R. Quinn, include 14 health care providers, bringing the total IPC-Tennessee group to 35 health care providers serving the majority of health care facilities in the area. "The addition of these two groups and their physician leaders to our growing IPC practice will strengthen the hospitalist services available to the communities we serve," said Glenn Appelbaum, executive director of IPC-Tennessee. Quinn will join Dr. Brian Donovan as a regional director. Quinn will oversee IPC physicians working in hospitals of the Wellmont Health System, while Donovan will maintain oversight for IPC practices within the Mountain States Health Alliance. "Our practices view today's announcement both as a new beginning and a renewed commitment to delivering high quality hospitalist medicine to the region," Quinn said. IPC â€“ The Hospitalist Company is the largest provider of hospitalist medicine in the United States. Founded by Chairman and CEO Dr. Adam Singer in 1995, IPC manages hospitalist practices in nearly 200 locations across 14 states.
Reynolds Herbert passes CPA exam
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BRENTWOOD, Tenn. - The Tennessee State Board of Accountancy recently announced that 80 candidates passed the Uniform Certified Public Accountant (CPA) Examination. Among these successful candidates is Joy N. Reynolds Herbert of Bristol. The Uniform CPA Examination is one of the nation's most comprehensive examinations. The exam is delivered in a computer-based format eight months of the year at test centers throughout the United States. Sections covered in the computer-based test include auditing and attestation, financial accounting and reporting, regulation and business environment and concepts. To be eligible to sit for the exam, candidates must have completed a minimum of 150 semester hours, which include a baccalaureate or higher degree from an academic institution recognized by the Tennessee State Board of Accountancy, with a minimum of 24 semester hours in accounting and 24 semester hours in general business subjects. Upon passing the exam, Reynolds Herbert was inducted as a member of the Tennessee Society of CPAs and its Appalachian Chapter.