Business

Raleigh's Sprout Pharmaceuticals is sold for $1 billion

August 21, 2015

(The News & Observer, Raleigh)

Valeant Pharmaceuticals will pay about $1 billion for Raleigh-based Sprout Pharmaceuticals, which this week received FDA approval for Addyi, a treatment for women with low sex drive. In April, Canada-based Valeant acquired Raleigh's Salix Pharmaceuticals for $11.1 billion. Sprout will remain headquartered in Raleigh.

BofA directors get raises

August 21, 2015

(The Charlotte Observer)

Eleven out of 13 members of Bank of America's board of directors gave themselves raises of about $36,000, according to a June securities filing. The board's lowest-paid member now earns almost $280,000 a year. A bank spokesman said most board members had not received raises since 2006. CEO and chairman Brian Moynihan does not receive any compensation for sitting on the board.

Woods boosts attendance at Greensboro's Wyndham

August 21, 2015

(News & Record, Greensboro)

Tiger Woods' inaugural appearance at the Wyndham Championship in Greensboro is attracting large crowds, with an estimated 24,000 people attending on Thursday. Free admissions – offered to veterans, teachers and others – have almost tripled. The golf tournament plans to cap attendance between 30,000 and 32,000 per day this weekend. 

Toll lane opponents not ready to give up the fight

August 21, 2015

(The Charlotte Observer)

Opponents of toll lanes on Interstate 77 from Charlotte to Mooresville say legislative battles will continue into 2016. A Charlotte transportation-planning group voted Wednesday to endorse the project, but Mecklenburg County Commissioner Jim Puckett says he will continue efforts to convince lawmakers to scrap plans for the express lanes.

Enviva says port terminal will be ready by spring

August 21, 2015

(Greater Wilmington Business Journal)

Enviva says its wood-pellet manufacturing plant in Sampson County and its storage-dome facility at the Port of Wilmington are expected to be complete by early 2016. The Bethesda, Md.-based company says the two facilities will create about 300 jobs.

Wells Fargo cuts investment-banking jobs

August 21, 2015

(The Charlotte Observer)

Fewer than 10 investment bankers at Wells Fargo Securities were laid off Thursday. It was unclear how many of the affected workers were in New York and how many were in Charlotte, where the unit employed about 2,000 people as recently as 2013. The San Francisco-based bank did not give a specific reason for the layoffs.

RTP's AgBiome raises $34.5M

August 20, 2015

(The News & Observer, Raleigh)

AgBiome raised $34.5 million in venture-capital funding; investors included Syngenta Ventures and the Bill & Melinda Gates Foundation. The Research Triangle Park-based company is developing a natural fungicide that can be used by organic farmers. AgBiome, which employs 50 people, previously raised $17.5 million.

Duke Energy could use drones to improve response time in storms

August 20, 2015

(The Charlotte Observer)

Duke Energy is testing the use of unmanned aerial vehicles that could be used to inspect power lines and solar farms after storms and outages. The Federal Aviation Administration awarded the Charlotte-based utility an exemption to fly the drones in June.

Chapel Hill drugmaker receives fast-track status for pneumonia treatment

August 20, 2015

(WRAL TechWire)

Chapel Hill-based Cempra was granted fast-track designation from the FDA for its antibiotic treatment for community-acquired bacterial pneumonia, one of the most common infectious diseases. Cempra's stock has increase more than sixfold since the company went public in 2012 and has more than tripled over the last year (Top 75 Public Companies, August).

Winston-Salem-based Targacept's sale to Catalyst nears completion

August 20, 2015

(Winston-Salem Journal)

Shareholders of Targacept approved the sale of the company to San Francisco-based Catalyst Biosciences. The drug-development company once employed 144 people in Winston-Salem; few of its 10 remaining employees are expected to work for Catalyst after the deal closes, which could be as soon as Thursday.