Business

State approves Center Point-Cardinal merger

March 18, 2016

(Winston-Salem Journal)

N.C. Health Secretary Rick Brajer said Thursday the merger is part of a strategy to reduce the number of behavioral-health managed care organizations to four from eight. Kannapolis-based Cardinal Innovations Healthcare Services is the state's largest behavioral-health MCO, providing care for 2.4 million N.C. residents. Some administrative positions at Winston-Salem-based CenterPoint could be eliminated after the merger.

New Jersey drugmaker creating 52 jobs in Durham

March 17, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals will invest $19.9 million in a manufacturing and development facility in Durham, creating 52 jobs with an average annual salary of more than $75,000. The New Jersey-based company will lease 35,000 square feet at Keystone Technology Park. Braeburn makes implants and injectable treatments for neurological and psychological disorders such as addiction.

Developer scraps plans for downtown Charlotte condo tower

March 17, 2016

(The Charlotte Observer)

A planned condo tower in downtown Charlotte was canceled and the developer will consider other uses for the property. Boston-based RTG Holdings and Gunn Financial said not enough units pre-sold to get the project off the ground.

Hornets line up sponsors for next year's NBA All-Star game

March 17, 2016

(The Charlotte Observer)

The Charlotte Hornets have signed 15 sponsors for next year's NBA All-Star weekend. Most are local companies, including Bank of America, CPI Security, Lowe's and Babson Capital Management. The event will be held the weekend of Feb. 17 and is expected to generate about $100 million.

Meanwhile, Raleigh expects $5 million in visitor spending this week as it hosts opening rounds of the NCAA Basketball Tournament.

Wilson nutrition lab gets 2-year Gates Foundation grant

March 17, 2016

(WRAL TechWire)

Craft Technologies received $844,395 from the Bill & Melinda Gates Foundation to fund research for blood-sample tests. Founded in 1994, the Wilson-based company provides nutritional analysis of foods, supplements and animal feeds.

NewBridge to pay $10 million in ZeekRewards settlement

March 17, 2016

(Winston-Salem Journal)

A day before its acquisition by Raleigh's Yadkin Financial, NewBridge Bancorp reached a settlement agreement with the receiver in the ZeekRewards.com case related to the funds the Greensboro-based bank handled for Rex Venture Group, the entity behind the the Lexington-based pyramid scheme (cover story, June).

GSK's Witty to retire next year

March 17, 2016

(WRAL TechWire)

GlaxoSmithKline CEO Andrew Witty will step down in early 2017, the drugmaker announced this week. GSK employs several thousand people in the Triangle, including at a production plant in Zebulon.

Duke Energy promotes Repko to chief fossil/hydro post

March 17, 2016

(The Charlotte Observer)

Senior Vice President Regis Repko will lead Duke Energy's unit that oversees fossil-fueled and hydroelectric power plants in six states. Repko, a nuclear engineer, has worked for the utility since 1985. He replaces Charlie Gates, who is retiring.

McCrory criticizes Obama's reversal on offshore drilling

March 16, 2016

(WRAL.com)

In a statement Tuesday, Gov. Pat McCrory called Obama's reversal on offshore drilling along the southeastern coast "a special political favor to far-left activists that have no problem importing energy resources from countries hostile to the United States." Environmentalists and coastal communities reliant on tourism dollars cheered the move.
Also: Federal announcement on offshore leases generates applause, disapproval

Valeant shares tumble after weak 4Q results

March 16, 2016

(WRAL TechWire)

Shares of Valeant Pharmaceuticals were down 45% in midday trading after the Canadian drugmaker reported fourth-quarter results that missed expectations and slashed its 2016 outlook. Valeant last year acquired two Raleigh-based drug companies, Salix Pharmaceuticals and Sprout Pharamaceuticals, for a combined $12 billion.
Related: Drugmaker Valeant faces debt default risk; shares plunge 50%