Triangle

Chapel Hill's TrueBridge exceeds goal, raises $400M

January 14, 2016

(PEHub.com)

TrueBridge Capital Partners closed its fourth venture fund, raising $400 million – exceeding its target of $325 million. The Chapel Hill-based firm now has more than $1.6 billion in assets under management. TrueBridge invests primarily in funds focused on early-stage IT companies in northern California, according to the release.

Parker Poe law firm opens Atlanta office

January 14, 2016

(The Charlotte Observer)

Charlotte-based Parker Poe Adams & Bernstein has opened an Atlanta office, its sixth location and the first outside of the Carolinas. Several attorneys previously with McGuireWoods LLP have joined the firm, including Robert Florence, whose background is in the pharmaceutical industry.

MetLife plans to spin off life insurance business

January 13, 2016

(The Charlotte Observer)

Insurer MetLife says it is considering a spinoff, sale or initial public offering of its life insurance business and the new company would be based in Charlotte, where the New York-based company employs more than 1,500. A company spokesman said the changes would have no impact on its Cary Global Technology Campus, which employs more than 1,000 people.

Lenovo gains market share amid shrinking PC sales

January 13, 2016

(WRAL TechWire)

While global sales of PCs continue to decline, there was one bright spot for Lenovo, which has its North American headquarters in Morrisville. In the fourth quarter, the company slightly increased its global market share, and its PC sales in the U.S. were up 21%. 

Investment startup could be just what the doctor ordered

January 13, 2016

N.C. Budget Director Lee Roberts left state government last week to join a startup asset management company called SharpVue Capital, whose parent company is Medical Mutual Insurance, the Raleigh-based company that sells medical malpractice insurance to more than 10,000 physicians in 27 states.

Raleigh software company bought by Texas private-equity firm

January 12, 2016

(The News & Observer, Raleigh)

Consolidated Asset Recovery Systems was acquired for an undisclosed amount by Greenridge Investment Partners. Consolidated Asset provides Internet-based software that helps lenders manage and sell repossessed property. The company expects to add seven to 10 new employees to its existing 63 in 2016.

Tech problems cause backlog for Blue Cross NC customers

January 8, 2016

(The News & Observer, Raleigh)

A technology upgrade is causing headaches for Blue Cross and Blue Shield of North Carolina customers who have been unable to confirm coverage. The health insurer said call volume is 400% to 500% higher than the same time last year. Durham-based Blue Cross blamed the implementation of a new customer records system for delays in processing Affordable Care Act applications.

Lenovo, Google team up on 3-D smartphone

January 8, 2016

(WRAL.com)

Lenovo will partner with the tech giant on a 3-D augmented smartphone that will "become a magic window into the physical world by enabling it to perceive space and motion that goes beyond the boundaries of a touch screen," according to a Google representative at the annual CES technology show in Las Vegas. Also, Lenovo said it is dropping the Motorola brand name from its phones. The company paid $2.9 billion for Motorola Mobility in 2014.

After weak holiday sales, Macy's to close Cary store

January 7, 2016

(The News & Observer, Raleigh)

Macy's is closing its store at Cary Towne Center, where it employs 63 people. The Cincinnati-based department store chain will shutter 40 stores altogether; the Cary store is the only closure planned in North Carolina.

Rooms to Go closes Charlotte distribution center

January 7, 2016

(The Charlotte Observer)

The Florida-based furniture retailer is consolidating distribution at its new 1.45-million-square-foot facility in Dunn. About 50 of 88 workers at the Charlotte distribution center will relocate to Dunn.

Duke LifePoint completes purchase of Hickory, Sanford hospitals

January 7, 2016

(The Fayetteville Observer)

Duke LifePoint Healthcare has completed its acquisition of Central Carolina Hospital, a 137-bed medical center in Sanford, and Frye Regional Medical Center, a 355-bed hospital in Hickory. The hospitals were previously owned by Tenet Healthcare. The Brentwood, Tenn.-based joint venture of Duke University Health System and LifePoint Health now has seven hospitals in the state.

Small Raleigh tech company sues Apple, Fitbit over patents

January 6, 2016

(The News & Observer, Raleigh)

Valencell, a Raleigh-based company that develops technology for wearable electronic devices, alleges Apple wrongly used its heart sensor technology in its Apple Watch while Fitbit used it in its Charge HR and Surge fitness bands. Valencell has 29 patents, with another 60 pending.

Former Appia CEO launches another startup

January 5, 2016

(The News & Observer, Raleigh)

Jud Bowman, the 34-year-old entrepreneur whose Durham-based tech company was acquired last year by Digital Turbine in a $100 million deal, has launched Sift Media, a digital advertising company. Los Angeles-based Digital Turbine holds a 9.9% ownership stake in Sift, which is based in Durham and has already raised $3.25 million.

RTP's Hamner Institutes shuts down

January 5, 2016

(The News & Observer, Raleigh)

The Hamner Institutes for Health Sciences has ceased operations and sold its chemical safety division to Durham-based SciMetrika. In 2013, the nonprofit sold its 56-acre RTP campus to California-based Alexandria Real Estate for $20 million and had since been leasing back space. Alexandria unveiled in November plans to expand the space into a new life-sciences campus with more than 1 million square feet.

EMC announces layoffs; impact on Triangle unclear

January 4, 2016

(WRAL TechWire)

EMC Corp. plans to cut jobs as part of a companywide restructuring, according to a regulatory filing last week, though the impact on its estimated 1,400 employees in the Triangle is unknown. The Massachusetts-based data storage company agreed in October to be acquired by computer maker Dell Inc. for about $67 billion.

Chimerix lands big hedge-fund investment

January 4, 2016

(WRAL TechWire)

After reporting disappointing clinical trial results and a subsequent stock collapse last week, drug developer Chimerix has received an investment from Point72, a Stamford, Ct.-based hedge fund that says it has taken a 5.3% stake in the Durham-based company.

Drug developer Chimerix's stock collapses

December 30, 2015

(The News & Observer)

Chimerix shares declined 81% on Monday after the Durham-based company reported disappointing results in a clinical trial. A Chimerix drug was tested in a trial of 452 adults who had undergone stem cell transplants at more than 40 transplant centers. The drug was initially effective in suppressing an infection initially, but the infection returned. Shares traded for more than $53 in July, but were at about $7 today. CEO Michelle Berrey said the company had $378 million in capital as of Sept. 30.


Read more here: http://www.newsobserver.com/news/business/article51965455.html#storylink=c. The drug development company said patients who took its drudied at higher rates than those who ingested a placebo. 

Read more here: http://www.newsobserver.com/news/business/article51965455.html#storylink=cpy

Cary-based SAS promotes two execs

December 24, 2015

(The News & Observer, Raleigh)

SAS Institute promoted Randy Guard, who has worked for the software company for more than 15 years, to chief marketing officer. Guard succeeds Jim Davis, a longtime SAS employee who left to take a similar role at California-based Informatica. Also, Fritz Lehman was promoted from senior vice president of customer engagement and support to chief customer officer, a new position.

Fidelity sells 69 acres in RTP

December 24, 2015

(The News & Observer, Raleigh)

The Research Triangle Foundation paid more than $12 million for the land near the intersection of Interstate 540 and Davis Drive. Boston-based Fidelity Investments had planned to build a campus there but instead decided to buy and renovate the Network Center office park, also at RTP. Fidelity said in October it plans to add 600 jobs over three years in the Triangle.

GlaxoSmithKline buys up rival's HIV assets

December 21, 2015

(WRAL TechWire)

London-based GlaxoSmithKline PLC has agreed to pay Bristol-Myers-Squibb up to $1.5 billion for the U.S. company's pipeline of HIV drugs. In May, GSK announced it would partner with UNC-Chapel Hill to form a new company to discover a cure for AIDS. GSK, which has a facility at Research Triangle Park, is investing $20 million in the venture. Bristol announced in June that it would end its virology research efforts, which span HIV and hepatitis.