Triangle

Duke completes acquisition of Wake County cancer clinics

November 12, 2014

(The News & Observer, Raleigh)

Duke Medicine completed its acquisition of Cancer Centers of North Carolina, formerly the state's largest private cancer clinic that at one time employed 19 doctors and more than 130 people. 

Durham ad agency lands Crocs account

November 12, 2014

(The News & Observer, Raleigh)

Durham-based advertising agency McKinney will handle global advertising for Crocs, the Colorado-based footwear company whose plastic clogs soared to popularity in the U.S. more than a decade ago. McKinney employs 160 people in Durham and 30 at a New York office. 

DOT plans improvements to Raleigh's Wade Ave. area

November 11, 2014

(WRAL.com)

The N.C. Department of Transportation will hold a public meeting Wednesday to present a $92 million plan for improvements to a 3.5-mile stretch of Interstate 440 in Wake County. Plans include expanding the road from two lanes to three, adding interchanges and replacing bridges. 

HCL leases four-story office building in Cary

November 11, 2014

(The News & Observer, Raleigh)

HCL has leased a 125,000-square-foot building off Regency Parkway in Cary. The India-based technology consulting firm announced in September it will invest $9 million to expand its local Global Delivery Center and add 1,237 jobs.

UNC professors call for changes regarding student athletes

November 11, 2014

(The News & Observer, Raleigh)

Faculty leaders at UNC Chapel Hill met Monday to discuss forming a new oversight committee for athletics and developing an ethics code for faculty. 

Cape Fear Valley begins restructuring of Harnett Health

November 10, 2014

(WRAL.com)

Cape Fear Valley Health will lay off 19 Harnett Health employees as part of a financial restructuring. The Fayetteville-based hospital system took over management of the financially troubled Harnett Health, which includes 101-bed Betsy Johnson Hospital in Dunn and 50-bed Central Harnett Hospital in Lillington, last week. 

Salix CFO resigns, shares fall sharply after third quarter loss

November 7, 2014

(The News & Observer, Raleigh)

Salix Pharmaceuticals announced an inventory audit of its best-selling drug and the resignation of Chief Financial Officer Adam Derbyshire, who had been with company since 2000. The Raleigh-based drug-maker reported a loss of $88.6 million – or $1.39 a share – in the third quarter; analysts had projected earnings of $1.56 a share. Revenue also fell short of analysts' expectations.

Lenovo reports disappointing 2Q revenue as China market cools

November 7, 2014

(The News & Observer, Raleigh)

Net income for China-based Lenovo rose 19% to $262 million in the second quarter, beating analysts' projections, but overall revenue fell short of expectations. Slow sales growth in China led to a 2% decline in that market. The world's No. 1 PC maker, which has its North American headquarters in Morrisville, this week launched a marketing campaign for its Yoga laptop in an effort to increase holiday sales.

Quintiles founder, private-equity firms to sell 13.3M shares

November 6, 2014

(The News & Observer, Raleigh)

Quintiles chairman and founder Dennis Gillings, along with three private-equity firms, plan to sell off a combined 13.3 million shares of the Durham-based company, bringing their combined stake to less than 50%. The contract-research organization will no longer be considered a controlled company, and it will no longer be exempt from certain New York Stock Exchange requirements that exist to protect shareholders.

Two Raleigh pharmaceutical-services firms to go public this week

November 5, 2014

(The News & Observer, Raleigh)

Both Raleigh-based PRA Health Sciences and INC Research are expected to go public this week. PRA looks to sell 18.6 million shares of stock priced between $20 and $23 each; trading is expected to begin Thursday. INC is expected to prices its shares on Thursday and begin trading on Friday.

UNC Chapel Hill faces new probe by accrediting body

November 4, 2014

(The News & Observer, Raleigh)

The Southern Association of Colleges and Schools will launch a new review of UNC Chapel Hill that will focus on the findings of the Wainstein report, which showed 18 years of academic fraud including no-show classes taken by more than 3,100 students. Following a 2012 review, SACS required the university to allow those students and graduates to take courses to make up for the bogus classes free of charge.

LabCorp announces $6 billion acquisition of New Jersey-based CRO

November 4, 2014

(The News & Observer, Raleigh)

Burlington-based LabCorp will acquire New Jersey-based drug diagnostics firm Covance in a $6 billion cash and stock deal. The deal will allow LabCorp to compete with other drug-testing companies based in the state, including Durham-based Quintiles and Wilmington-based PPD. LabCorp will add 12,500 employees to its existing 34,000 worldwide through the acquisition.

Duke Energy, Red Hat and Piedmont lead initial contributions to EDPNC

November 4, 2014

(The News & Observer, Raleigh)

Charlotte-based Duke Energy and Piedmont Natural Gas and Raleigh-based Red Hat were the top initial donors to the state's new public-private economic-development partnership. The Economic Development Partnership of North Carolina said five companies contributed a combined $440,000 to help the agency get off the ground. Other contributors were Beijing-based Lenovo Group and Charlotte Pipe and Foundry.
Related: Duke Energy donation gives questionable boost to NC economic partnership

Kane Realty pushes for 40-story skyscrapers in Raleigh's Midtown

November 3, 2014

(The News & Observer, Raleigh)

Kane Realty wants Raleigh to allow buildings up to 40 stories high in its Midtown district. The area includes North Hills, the north Raleigh district the local real-estate developer has transformed from a two-story shopping mall into a mixed-use development that includes retail, residential and office space with urban-like density. 
Read more about John Kane, Developer of the Year in Business North Carolina's 2014 Building NC Awards

Blue Cross Blue Shield sends 42,000 incorrect renewal notices

October 31, 2014

(The News & Observer, Raleigh)

The state's largest health insurer mailed out about 42,000 policy renewal letters with incorrect rates. Some Blue Cross Blue Shield customers received notices showing cost increases of more than 100%. A company spokeswoman said the mistake was due to "good old classic human error."

Lenovo completes acquisition of Motorola smartphone business

October 31, 2014

(The News & Observer, Raleigh)

Lenovo is now the world's No. 3 smartphone company after completing its $2.91 billion acquistion of Google-owned Motorola Mobility. Chicago-based Motorola will operate as a subsidiary of Beijing-based Lenovo, which has its North American headquarters in Morrisville.

Chimerix plans secondary stock offering

October 31, 2014

(The News & Observer, Raleigh)

Chimerix looks to raise $105 million in a public stock offering. The Durham-based drug developer raised $118 in its initial public offering in April 2013. The company plans to use about $52 million of the proceeds to finance clinical trials for brincidofovir, an antiviral drug being tested as a treatment for viruses including Ebola and small pox.

Judges sentences Triangle brokers, developers in $44M fraud scheme

October 30, 2014

(The News & Observer, Raleigh)

A federal judge sentenced seven Triangle real-estate professionals and one from New Jersey for their involvement in a $44 million mortgage fraud scheme that ran from 2003 to 2009. The group, which includes developers, brokers and a lawyer, purchased and developed properties for quick resale and recruited "straw buyers" to obtain mortgage loans they could not afford to repay.

Roy Williams defends ethics at media event

October 30, 2014

(The News & Observer, Raleigh)

UNC basketball coach Roy Williams said Wednesday if the university fires him, it will be because he didn't win games and not because of the academic scandal that included 167 basketball players enrolled in no-show classes since Williams arrived at the university in 2003. According to the Wainstein report released last week, Wayne Walden, the men's basketball academic counselor who enrolled players in the classes, said he never shared his concerns about the classes with Williams.

Raleigh's INC Research looks to raise $135M in public offering

October 29, 2014

(The News & Observer, Raleigh)

Raleigh-based INC Research is looking to raise $135 million in an initial public offering, according to a securities filing. The contract-research organization plans to sell 8.1 million shares at $17 to $20 a per share and will use the proceeds to pay down some of its $588 million in debt. INC employs about 5,500 people worldwide, including more than 850 in Raleigh.