Business

Raleigh's NephroGenex wins FDA approval for kidney drug

December 15, 2015

(The News & Observer, Raleigh)

Shares of the Raleigh drug developer rose 48% Monday after the FDA said the company can conduct clinical trials using Pyridorin to treat acute kidney injury. The drug is already being tested for kidney disease caused by diabetes. NephroGenex's stock has underperformed since its February 2014 IPO at $12 a share; shares closed Monday at $2.13.

Wilmington shopping center to expand

December 15, 2015

(StarNews, Wilmington)

The owners of Mayfaire Town Center in Wilmington submitted plans to expand the shopping center by more than 90,000 square feet. CBL & Associates bought the 700,000-square-foot center for $192 million in June; the Chattanooga, Tenn.-based company has since sold a portion of the complex, Mayfaire Community Center, for $56.3 million.

Google honors Charlotte as a top eCity

December 15, 2015

(The Charlotte Observer)

Charlotte is among 50 winners of Google's eCities awards, which honors cities with strong online business communities. Winning cities were selected based on small businesses' use the Web to attract new customers, connect with clients and grow local economies. Cary and Cornelius were previous winners of the annual award.

SPX sells business unit for $48M

December 15, 2015

(The Charlotte Observer)

SPX will sell its dry cooling business, which represents about 10% of its power segment, to an India-based company for about $48 million. The deal is expected to close in the first half of 2016. The manufacturer employs about 350 people at its Charlotte headquarters.

Condos, corporate HQ proposed for Kannapolis revitalization

December 15, 2015

(Independent Tribune, Concord)

The city of Kannapolis's downtown redevelopment plan could include mixed-use buildings with retail, condos, apartments and an educational institute. Kannapolis owns about 750,000 square feet of downtown space and is working with UNC School of Government's Development Finance Initiative to reinvigorate the former textile town.

Report: Wilmington's PPD explores sale, IPO

December 14, 2015

(Greater Wilmington Business Journal)

Pharmaceutical Product Development could be looking at a possible sale or initial public offering that would value the company between $7 billion and $8 billion, according to a Reuters report. The contract research organization employs about 1,500 people at its Wilmington headquarters and more than 14,500 worldwide. PPD was founded in 1985 by Fred Eshelman, who made more than $275 million when he sold the company to two investment firms in 2011.

Novant Health chief gets 14% raise

December 14, 2015

(Winston-Salem Journal)

Carl Armato earned $2.59 million in overall compensation in fiscal 2014, a figure that includes a 14.4% salary increase to $1.19 million. Four other executives at the Winston-Salem-based health system earned more than $1 million in overall compensation, according to figures released Friday.

Concord approves incentives for $66M FedEx distribution center

December 14, 2015

(The Charlotte Observer)

A new FedEx office and distribution center is expected to bring 55 full-time and 309 part-time workers to Concord's International Business Park over the next five years. Concord is becoming a hub for distribution facilities: FedEx already has a location in the office park, and Amazon.com employs about 360 at a sorting center near Concord Regional Airport.

Incentives spur economic growth in Greensboro

December 14, 2015

(News & Record, Greensboro)

The city of Greensboro has approved a spate of incentive packages lately, leading to more private investment in the Gate City. Companies adding jobs include Qorvo (100 new jobs), Self Help Ventures (20 jobs), Natty Greene's (27 jobs) and Ecolab (35 jobs). The city council on Tuesday will consider grants for Tyco Electronics to create 193 jobs in a local expansion.

BNC Bancorp one of 16 suitors for SC bank

December 14, 2015

(Winston-Salem Journal)

High Point-based BNC Bancorp was one of sixteen groups that expressed interest in buying Southcoast Financial, according to a proxy filing. Pending shareholder and regulatory approval, BNC plans to pay $95.5 million for Southcoast, which has 10 branches in the Charleston, S.C., area and $506 million in assets.