Business

A.M. Pappas sues former Chimerix CEO

November 19, 2015

(The News & Observer, Raleigh)

A.M. Pappas & Associates filed a lawsuit against former Chimerix CEO Kenneth Moch, alleging he lead an anonymous smear campaign against the Durham-based venture-capital firm and two of its executives. The lawsuit says Moch was angry after being ousted as CEO of Chimerix in 2014. Pappas invested $6.5 million in the drug-development company before it went public in 2013. Moch has filed a countersuit.

PayPal looking at Charlotte for East Coast operations hub

November 19, 2015

(The Charlotte Observer)

California-based PayPal said Charlotte is among cities being considered for an East Coast operations center. The payment processing company was a subsidiary of eBay but was spun off as a separate, publicly traded company in July.

'Female Viagra' sees slow early sales

November 19, 2015

(WRAL TechWire)

Just 227 women have filled prescriptions for the new female libido-boosting drug Addyi, acquired by Canada-based Valeant Pharmaceuticals from Raleigh-based Sprout Pharmaceuticals in a deal worth at least $1 billion in August. The drug has been called the "female Viagra." The Food and Drug Administration approved the drug in August, adding restrictions for its sales and marketing.

Weyerhaeuser spinoff would include New Bern mill

November 19, 2015

(New Bern Sun Journal)

Washington-based Weyerhaeuser, one of the world's largest wood-pulp products companies, is considering selling or spinning off its cellulose fibers business, which could impact a pulp mill in New Bern that employs 300 people.

Honda Aircraft says FAA testing almost complete

November 19, 2015

(News & Record, Greensboro)

Honda Aircraft said it expects FAA certification for its HondaJet light aircraft "very soon." The company employs 1,500 people at Piedmont Triad International Airport, where it is building the planes. Honda has said it has received more than 100 orders for the planes.

Greensboro's NewBridge had multiple suitors

November 18, 2015

(Winston-Salem Journal)

NewBridge Bancorp was approached early this year by an unidentified bank interested in a merger, according to a regulatory filing. That prompted other banks to approach NewBridge CEO Pressley Ridgill, who stands to receive $6.25 million when the bank completes its $456 million sale to Raleigh-based Yadkin Financial.

Novant Health launches Charlotte residency program

November 18, 2015

(The Charlotte Observer)

Novant Health will launch a family medicine residency program in the Charlotte region. Six medical school graduates will train at Huntersville Medical Center and a family practice clinic in Cornelius. Starting next summer, it will be the third residency program in the area; Carolinas HealthCare System runs programs in Charlotte and Concord.
Also: Novant Health breaks ground on Charlotte Orthopedic Hospital renovation, expansion

Citrix to spin off GoTo products into separate company

November 18, 2015

(WRAL TechWire)

Citrix Systems will spin off its GoTo line of business-software products into a separate, publicly traded company in the second half of 2016. Based in Fort Lauderdale, Fla., Citrix employs more than 600 people in downtown Raleigh. Impact on the Raleigh office is unclear.
Related: Hire purpose: Citrix Systems' downtown Raleigh digs were designed to attract top tech talent

Wells Fargo moving 350 workers from Charlotte to Rock Hill, SC

November 18, 2015

(The Charlotte Observer)

Wells Fargo will move about 350 employees in its mortgage-servicing unit from downtown Charlotte to Fort Mill, S.C. No layoffs are expected.

Lowe's reports strong 3Q results

November 18, 2015

(The News & Observer, Raleigh)

Home-improvement retailer Lowe's reported third-quarter results that beat analysts' estimates. As the housing market continued to improve, revenue increased to $14.36 billion, compared with $13.68 billion a year ago. The Mooresville-based company earned $736 million compared with $585 million a year ago.