Triangle

Morrisville gem-maker names Beasley CEO

March 19, 2015

(The News & Observer, Raleigh)

Gemstone manufacturer Charles & Colvard named Marvin Beasley CEO. He replaces Randy McCullough, who announced his retirement this week. Beasley, 71, was CEO of Helzberg Diamonds from 2004 through 2009 and has been a director at Charles & Colvard for the last five years. The Morrisville-based company reported a net loss of $13.1 million for 2014.

Cary-based Pantry to lay off 250

March 18, 2015

(The News & Observer, Raleigh)

Cary-based convenience-store chain The Pantry announced it will lay off 250 workers in Cary and Sanford – about half of its workforce in the two Triangle cities – as a result of the company's merger with Canada-based Alimentation Couche-Tard, which was completed Monday.

Valeant wins bidding war for Raleigh-based Salix

March 17, 2015

(The News & Observer, Raleigh)

Endo International withdrew its bid for Raleigh-based Salix Pharmaceuticals on Monday after Valeant Pharmaceuticals raised its bid from $158 per share to $173 per share. Including debt, the revised deal is valued at $15.8 billion and is expected to close April 1.

AOL founder Steve Case looks to invest in Triangle startup

March 17, 2015

(WRAL TechWire)

Steve Case, co-founder and former CEO of America Online, plans to invest $100,000 in a Triangle startup as part of his third "Rise of the Rest" tour. Case will visit six cities in early May and plans to invest $100,000 at each stop.

Valeant plans to raise offer for Salix

March 16, 2015

(The News & Observer, Raleigh)

Valeant Pharmaceuticals plans to increase its cash offer for Salix Pharmaceuticals from $158 a share to more than $160 a share, according to a New York Times report. Endo International last week submitted a competing bid for Raleigh-based Salix at $175 a share, mostly in stock.

S&P revises bond ratings for Rex, UNC Hospitals

March 13, 2015

(The News & Observer, Raleigh)

Standard & Poor's Rating Services downgraded its credit rating for Rex Healthcare and UNC Hospitals from stable to negative. Chapel Hill-based UNC Health Care posted a $31.2 million loss in 2014 due to expenses related to electronic medical records and recent acquisitions and investments. Rex is expected to take on about $315 million in long-term debt to pay for construction of a new $235 million heart and vascular hospital on its Raleigh campus.

Analysts say Valeant's all-cash bid for Salix more appealing

March 13, 2015

(The News & Observer, Raleigh)

Analysts said Thursday that shareholders of Raleigh-based Salix Pharmaceuticals are likely to find Valeant Pharmaceuticals all-cash offer more appealing than Endo International's rival offer. Endo offered $175 per share in a stock and cash deal, while Valeant reached a deal last month to acquire Salix for $158 per share in cash. Canada-based Valeant expects the deal to close on April 1.

Raleigh-based Salix receives rival takeover bid

March 12, 2015

(The News & Observer, Raleigh)

Endo International has made a takeover bid for Salix Pharmaceuticals for $175 per share in cash and stock. Salix reached a deal last month for Canada-based Valeant Pharmaceuticals to acquire the company for $158 a share in cash. Endo, which has made six acquisitions since February 2014, moved its headquarters from Pennsylvania to Dublin last year.

Pantry shareholders approve acquisition deal

March 12, 2015

(The News & Observer, Raleigh)

Shareholders of Cary-based The Pantry approved Alimentation Couche-Tard's proposed $1.7 billion acquisition of the company. The Pantry operates 1,509 stores in 13 states, mostly under the Kangaroo Express brand. Couche-Tard has 6,303 stores in North America. Most of its U.S. stores operate as Circle K.

Patheon to acquire Oregon pharmaceutical company

March 10, 2015

(The News & Observer, Raleigh)

Durham-based Patheon announced it will acquire Agere Pharmaceuticals, a Bend, Ore.-based company that will help it improve drug-absorption rates in patients. It's Patheon's second acquisition announced in the past week; the company said last week it was buying South Carolina-based drugmaker IRIX for an undisclosed amount. 

Food Lion to remodel Raleigh, Fayetteville stores

March 9, 2015

(WRAL.com)

Food Lion will remodel all of its grocery stores in the Raleigh area between April and October. The Salisbury-based company remodeled 76 stores in the Greenville and Wilmington markets in 2014.
Also: Food Lion remodeling its 25 Fayetteville stores this year

MaxPoint shares trade lower than expected

March 9, 2015

(WRAL TechWire)

MaxPoint Interactive raised $75 million in its initial public offering Friday. The digital-marketing company, which helps companies determine the best neighborhoods to sell their products, priced 6.5 million shares at $11.50, the mid-point of the range reported in SEC filings.  

Cary's SAS, Kimley-Horn make Fortune's list of best companies

March 6, 2015

(The News & Observer, Raleigh)

SAS slipped two spots to No. 4 on Fortune magazine's annual list of the best U.S. companies to work for. The Cary-based software company has appeared in the top 10 a dozen times and ranked second last year. Kimley-Horn and Associates, also based in Cary, was the only other North Carolina-based company on the list. The design consulting firm ranked No. 25.

Durham's Patheon to buy SC drugmaker

March 5, 2015

(The News & Observer, Raleigh)

Patheon will acquire South Carolina-based IRIX Pharmaceuticals for an undisclosed amount. IRIX employs 180 people at sites in Florence and Greenville, S.C. Durham-based Patheon employs about 1,700 people in North Carolina and more than 8,000 worldwide.

Woodlake Resort and Country Club to be sold at auction

March 4, 2015

(The Fayetteville Observer)

Woodlake Resort and County Club, located in Moore County between Vass and Spring Lake, will go up for auction March 26 with a suggested opening bid of $2.5 million. Developed in 1968, the financially troubled club filed for bankruptcy protection in September.

Durham's Square 1 Bank to be acquired by PacWest

March 3, 2015

(The News & Observer, Raleigh)

Square 1 Bank will be acquired by Los Angeles-based Pacific West Bank in an all-stock deal valued at $849 million. The Durham-based bank, which went public a year ago, has assets of about $3 billion and about a dozen loan-production offices nationwide. Square 1 will keep its name and will operate as a division of PacWest.  

Biotech industry growing in NC

March 3, 2015

(WRAL TechWire)

Employment in the biotech industry increased by more than 30% between 2000 and 2012, according to a report from research firm Battelle. The sector produces $73 billion and is responsible for 61,000 jobs with an average annual salary of $81,000.
Related: NC biotech startups share global spotlight in Raleigh

GSK, Novartis exchange assets in $21B deal

March 2, 2015

(WRAL TechWire)

GlaxoSmithKline and Novartis have completed a $21 billion deal that makes London-based GSK the world's largest vaccine supplier. Under the terms of the deal, Novartis is acquiring GSK's oncology drug pipeline while GSK acquires Novartis' global vaccine business.  

Shareholder advisory firms give thumbs up to Pantry sale

February 27, 2015

(The News & Observer, Raleigh)

Institutional Shareholder Services and Glass Lewis & Co. recommend that shareholders of The Pantry approve its pending sale to Alimentation Couche-Tard. Cary-based The Pantry operates more than 1,500 convenience stores in 13 states, primarily under the Kangaroo Express brand. Couche-Tard has 6,303 convenience stores in North America. Most of its U.S. stores operate as Circle K.

Lenovo's website hacked following adware controversy

February 26, 2015

(WRAL TechWire)

A hacker group called Lizard Squad said they are responsible for hacking Lenovo's website Wednesday evening. The Beijing-based computer-maker, which has its North American headquarters in Morrisville, came under fire last week when it was discovered that it had pre-installed malicious adware on some of its laptop computers.