Business

Sprout investors say Valeant isn't living up to terms of merger agreement

March 28, 2016

(Bloomberg.com)

Investors in Raleigh-based Sprout Pharmaceuticals say Valeant is charging too much for its female libido pill and isn't doing enough to market the drug. Canada-based Valeant last year paid $1 billion for Sprout; the drug, called Addyi, has underperformed though sales are improving, with 57% of prescriptions being filled compared with 25% to 30% in the fourth quarter.

More businesses oppose NC's new LGBT law

March 28, 2016

(News & Observer, Raleigh)

Controversy over North Carolina's new "anti-LGBT" law picked up steam over the weekend, with national newspapers and dozens of companies speaking out against the law passed last week by state legislators. Rob Reiner, director of Hollywood hits including When Harry Met Sally and A Few Good Men (also known as Mike "Meathead" Stivic on 70s TV sitcom All in the Family), is calling on his film-industry colleagues to boycott North Carolina unless the law is repealed. Not sure what the new law actually means? Here's a synopsis.
Also: ACLU and other groups plan legal challenge to House Bill 2

Downtown Wilmington is thriving, group says

March 28, 2016

(StarNews, Wilmington)

More than $200 million worth of development including apartments, hotels and mixed-use projects is underway in Wilmington's urban core, according to a presentation last week by Wilmington Downtown Inc., which promotes economic growth in the Port City. The group estimates 49 new businesses were started and 160 new jobs were created last year.

Pittenger land firm would receive $6M in proposed settlement

March 28, 2016

(The Charlotte Observer)

Investors in Rep. Robert Pittenger's former real-estate company have agreed to a settlement that would end the Pittenger family's role in the company and transfer management to South Street Partners, a Charlotte-based firm. The FBI and IRS are investigating Pittenger Land Investments over personal loans and contributions Pittenger made to his 2012 congressional campaign; Pittenger denies any wrongdoing.

Little Washington-based bank targeted by investor pushing for change

March 28, 2016

An investor is pressing First South Bancorp to consider a possible sale, contending the Washington, N.C.-based community bank is underperforming and overpaying its directors.

Asheville philanthropist celebrates launch of climate center

March 28, 2016

(Asheville Citizen-Times)

Mack Pearsall believes this month's opening of The Collider in downtown Asheville can bring high-paying jobs to the city and make it a hub for the climate-data industry.

RTP-based drug developer plans to raise $16.5M

March 28, 2016

(Xconomy.com)

Envisia Therapeutics has raised $10.1 million of a $16.5 million financing to advance its glaucoma treatment, according to a securities filing. Research Triangle Park-based Envisia was spun out of Liquidia Technologies in 2013, raising $25 million from investors including Canaan Partners, Pappas Ventures and Wakefield Group.

Former Premier exec takes role at Charlotte's Snyder's-Lance

March 28, 2016

(The Charlotte Observer)

Kevin Powers will become senior director of investor relations at snack-maker Snyder's-Lance, replacing Mark Carter who is retiring in mid-April. Powers comes from Premier Inc., also based in Charlotte, and previously worked for Family Dollar Stores and Elan Pharmaceuticals.

Backlash swells against NC's anti-LGBT law

March 25, 2016

(The Charlotte Observer)

The list of companies denouncing North Carolina's new anti-LGBT law is growing. The NBA, set to host its 2017 All-Star Game in Charlotte, and ESPN, which is considering Charlotte as a possible site for its summer X Games, are both closely watching the situation. American Airlines, Apple and PayPal, which just announced plans to create 400 jobs in the Queen City, all issued statements criticizing the new law.
More on this topic: Red Hat, Biogen, NCAA speak out on NC law restricting LGBT protections

State jobless rate falls to 5.5% in February

March 25, 2016

(The News & Observer, Raleigh)

North Carolina's February unemployment rate of 5.5% — down from 5.6% the previous month — remains above the national average of 4.9%. The number of people employed increased by 25,687, while the labor force grew by 25,523.