Triangle

Lenovo to complete acquisition of IBM server unit Wednesday

September 29, 2014

(WRAL TechWire)

About 2,000 Triangle IBM workers will be become Lenovo employees when the computer-maker completes its $2.1 billion acquisition of IBM's low-end server unit on Wednesday. Beijing-based Lenovo, which has its North American headquarters in Morrisville, will move from No. 9 to No. 3 among server manufacturers, behind only Hewlett Packard Co. and Dell Inc. 

Four Oaks Bank names new chief operating officer

September 29, 2014

(The News & Observer, Raleigh)

Four Oaks Bank promoted David Rupp to executive vice president and chief operating officer following the retirement of Clifton Painter. Rupp was senior vice president and strategic project manager at the Johnston County bank since June. Painter, who joined the bank in 1986, will serve as a consultant over the next two years. 

NC's oldest printing companies join together

September 29, 2014

(New Bern Sun Journal)

AlphaGraphics of Downtown Raleigh acquired Commerical Printing Co., a Raleigh-based printing company founded in 1884. AlphaGraphics, now a national franchise and owned by the Andrews family of New Bern for five generations, began as Owen G. Dunn Printing in 1902. Terms were not disclosed. 

LabCorp to buy Raleigh-based LipoScience for $85.3 million

September 26, 2014

(The News & Observer, Raleigh)

LipoScience, a Raleigh-based medical diagnostics company, will be acquired by its largest customer for $85.3 million. Burlington-based LabCorp accounts for about 35% of sales of the company's testing products. LipoScience went public in January 2013 at $9 a share, but hasn't traded above $5.25 a share in the past year.

First Citizens announces board changes

September 25, 2014

(The News & Observer, Raleigh)

Three directors from South Carolina-based First Citizens Bank and Trust will join the board of First Citizens Bank when the two banks complete their $600 million merger next week. Ten members of the Raleigh-based bank's board will keep their positions, while two − H.M. Craig III and Ralph K. Shelton − will resign.

Cisco begins layoffs in RTP

September 24, 2014

(The News & Observer, Raleigh)

Cisco Systems has begun previously announced layoffs at its Research Triangle Park campus and across North America. The San Jose, Calif.-based tech company was awarded $12.9 million in state incentives to add 550 jobs at RTP by 2017. The company will be required to fill vacancies caused by the layoffs before it can count new hires toward the 550 total.

Salix stock rises amid reports of Allergan acquisition

September 24, 2014

(The News & Observer, Raleigh)

Shares of Salix Pharmaceuticals rose 5% in afternoon trading Tuesday amid reports the company is in talks with Allergan, the maker of Botox, about a possible acquisition. It's unknown how an acquisition by Allergan would affect Salix's planned merger with a subsidiary of Italy-based Cosmo Pharmaceuticals. Raleigh-based Salix, which makes drugs for gastrointestinal illnesses, has a market value of $10.7 billion.

VantageSouth branches convert to Yadkin Bank

September 23, 2014

(The News & Observer, Raleigh)

All 41 branches of Raleigh-based VantageSouth Bank have been converted to Yadkin Bank as of Monday. The rebranding is the result of a July merger between VantageSouth Bancshares and Elkin-based Yadkin Financial, which created the largest community bank based in North Carolina, with about $4 billion in assets. 

New Jersey drug maker to pay $100M to settle Salix patent litigation

September 23, 2014

(The News & Observer, Raleigh)

Raleigh-based Salix Pharmaceuticals has reached a $100 million settlement with New Jersey-based Par Pharmaceutical in a patent lawsuit filed by Santarus, a San Diego-based drug maker acquired by Salix earlier this year, and the University of Missouri. 

Decker confident trip to Japan will bring jobs to NC

September 23, 2014

(The News & Observer, Raleigh)

Following a recent trip to Japan, N.C. Commerce Secretary Sharon Decker says she feels "very good" about the state's prospects for attracting an auto manufacturer. Earlier this year, North Carolina lost a Toyota plant to Texas, which has direct flights to Tokyo, despite offering more than double the amount of incentives. "I came back very motivated for us to get direct flights to Asia," Decker said after the 36-hour flight home.

IBM unveils new RTP data center

September 22, 2014

(WRAL.com)

IBM will unveil a 72,000-square-foot data center at its Research Triangle Park campus on Monday. The Armonk, N.Y.-based tech company operates 150 such centers worldwide and employs about 7,500 in RTP. 

Yadkin Bank to test smaller branches

September 22, 2014

(The Charlotte Observer)

Yadkin Bank will open a 1,000-square-foot branch in Raleigh during the next year as a part of a pilot project aimed at cutting costs. The branch will be about one-third the average size of the Raleigh-based bank's branches and will employ two full-time employees and one part-time employee.

Durham's BioCryst receives additional funds for Ebola drug

September 22, 2014

(The News & Observer, Raleigh)

BioCryst Pharmeceuticals announced it could receive another $4 million from the federal government for the development of a potential treatment for the Ebola virus, bringing the total value of its contract with the National Institute of Allergy and Infectious Diseases to $26.3 million.  

HCL Technologies adding 1,237 jobs in Cary

September 19, 2014

(The News & Observer, Raleigh)

HCL America was awarded up to $19.6 million in state incentives to create 1,237 jobs in Cary over the next five years. The technology-services company has created 513 jobs since 2008, when it received a $5 million incentive. The company, a subsidiary of India-based HCL Technologies, chose North Carolina over New York, Arizona and Texas for the new jobs. 

Raleigh drone developer raises $10 million in funding

September 19, 2014

(The News & Observer, Raleigh)

Indiana-based drone developer PrecisionHawk has raised $10 million in venture capital funding, which will allow the company to double its work force of 45. The company's CEO and two vice presidents are based in Raleigh ("Pie in the sky," September). PrecisionHawk collects and analyzes data collected by sensors and software built into its unmanned aerial vehicles.

Red Hat to buy Irish software company for $82 million

September 19, 2014

(The News & Observer, Raleigh)

Raleigh-based Red Hat will acquire FeedHenry, a software company with offices in Ireland, England and Massachusetts, for $82.2 million. FeedHenry offers cloud-based mobile applications. The deal is expected to close in Red Hat's fiscal third quarter. 
Related: Red Hat earnings exceed Wall Street's expectations

Painter named managing partner of Plexus Capital

September 18, 2014

(The News & Observer, Raleigh)

Plexus Capital, an investment firm with offices in Charlotte and Raleigh, named Michael Painter managing partner. Painter, 40, is one of the firm's original co-founders and is based in Raleigh. He succeeds Bob Anders, who will remain a full-time partner.

Report: NC entrepreneurs raised $266 million in first half of 2014

September 17, 2014

(The News & Observer)

North Carolina startups raised $266 million during the first half of 2014 − up 31% from a year ago − according to a report from Triangle-based Council for Entrepreneurial Development. The entrepreneur support group included venture capital, angel investors and government and nonprofit grants in its calculations. 

Botox-maker said to consider Salix acquisition

September 16, 2014

(The News & Observer, Raleigh)

Shares of Salix Pharmaceuticals rose more than 4% Tuesday after CNBC reported that Irvine, Calif.-based Allergan might be considering an acquisition of the Morrisville-based drug developer. Salix announced in July it is merging with Cosmo Technologies, a subsidiary of an Italian pharmaceutical, and moving its headquarters to Ireland.

Shareholders approve First Citizens merger

September 17, 2014

(The News & Observer, Raleigh)

Shareholders of Raleigh-based First Citizens Bank and Columbia, S.C.-based First Citizens Bank and Trust approved a merger of the two banks on Tuesday. First Citizens of Raleigh will acquire South Carolina's First Citizens for about $639.9 million. The deal is expected to close by year-end.