Triangle

Rex Healthcare names Burriss president

March 26, 2015

(The News & Observer, Raleigh)

Rex Healthcare has named Steve Burriss president, effective April 1. Burriss, 48, has served as chief operating officer of the Raleigh-based health system since 2012 and was named interim president in January when David Strong announced he was leaving to take a job in Florida. Rex employs 5,600 people at its 660-bed Raleigh hospital.
Rex was ranked No. 1 on Business North Carolina's 2015 list of Top Hospitals in the state. Click here to view the full list.

Red Hat reports strong fourth quarter

March 26, 2015

(The News & Observer, Raleigh)

Raleigh-based Red Hat reported fourth-quarter revenue of $463.9 million, beating analysts' projections of $456.4 million. Revenue for the full year increased 17% to $1.79 billion. The software company also announced that its board of directors approved a stock buyback of up to $500 million.

Campbell University expands health campus with new nursing school

March 26, 2015

(The News & Observer, Raleigh)

Campbell University broke ground Wednesday on a $22 million building that will house the Catherine W. Wood School of Nursing, which already has 110 students enrolled in pre-nursing seminars. The new building also will include space for physical therapy, occupational therapy and medical research programs. The Buies Creek university has established six health-care degree programs in the last five years.

Cary's Dude Solutions acquires Toronto-based software company

March 25, 2015

(The News & Observer, Raleigh)

Dude Solutions is acquiring Toronto-based Windmill Software for an undisclosed amount. Windmill offers a software product that adds support for functions at senior-living centers. The Cary-based software firm, which received a $100 million private-equity investment last year, also has another deal in the works, CEO Kent Hudson said.

RDU fares poorly in report on Internet access

March 25, 2015

(WRAL TechWire)

Raleigh-Durham International Airport ranked 40th out of 50 major airports in a report on performance of wireless Internet and phone service. Research firm Root Metric tested upload and download speeds, Internet browsing and other data to compile the rankings. Charlotte Douglas International ranked 23rd.

3 workers killed at Raleigh construction site

March 24, 2015

(The News & Observer, Raleigh)

Three workers were killed and another was injured Monday when a scaffolding platform fell to the ground at a construction site in Raleigh. Raleigh-based Dominion Builders is developing the 11-story Charter Square building on Fayetteville Street.

GSK cutting 180 jobs at RTP

March 24, 2015

(The News & Observer, Raleigh)

GlaxoSmithKline will lay off 180 workers in its commercial business division at Research Triangle Park. The United Kingdom-based pharmaceutical company said in December it was cutting about 900 jobs in research and development, but about half of those workers shifted to jobs at at new business unit GSK formed with Paraxel. GSK employs more than 5,000 in North Carolina.

Biogen changes name, reports positive results for Alzheimer's drug

March 23, 2015

(The Herald-Sun, Durham)

Biogen reported promising results of an Alzheimer's treatment it is developing. The Massachusetts-based biotech company, which has a manufacturing site in RTP, said Friday that its investigational drug successfully slowed cognitive decline in patients with the progressive neurological disease. The company also shortened its name from Biogen Idec effective Monday.

Lenovo restructures top management

March 20, 2015

(WRAL TechWire)

In a realignment of its top management officials, Beijing-based Lenovo named Gianfranco Lanci, former CEO of Acer, to the newly created position of president. Morrisville-based Jay Parker, president of North American operations, will become senior vice president of the computer-maker's enterprise business and will move to RTP.

M&F Bank continues profitable streak

March 20, 2015

(The News & Observer, Raleigh)

Mechanics and Farmers Bank continued its profitable streak, reporting net income of $810,000 for 2014, up from $126,000 in 2013. The Durham-based bank has recorded a profit every year since it opened in 1908 ("Rewriting History," October 2014).

Former Salix executives to get $46M after Valeant sale

March 19, 2015

(The News & Observer, Raleigh)

The former top executives of Raleigh-based Salix Pharmaceuticals will receive $46 million after the company is sold to Canada-based Valeant Pharmeceuticals. Adam Derbyshire, who resigned as CFO in November, will get $13.3 million in stock and options while former CEO Carolyn Logan will walk away with $32.7 million in stock.

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.