Triangle

Raleigh's First Citizens Bank expands in Virginia with latest deal

May 23, 2016

(The News & Observer, Raleigh)

First Citizens Bank will acquire Cordia Bancorp, parent of Bank of Virginia, for about $35 million. The purchase price of $5.15 per share reflects a 33% premium over Cordia's previous day closing price. Bank of Virginia has six branches in the Richmond area and about $348 million in assets. Last week, First Citizens bought Pennsylvania-based First CornerStone Bank in its ninth FDIC-assisted transaction since 2009.

Bayer makes $62B bid for Monsanto

May 23, 2016

(The News & Observer, Raleigh)

Germany's Bayer AG has offered to buy seeds company Monsanto for $62 billion including debt, a merger that could create the world's largest farm supplier. Bayer employs about 1,000 people at its plant science center at Research Triangle Park and has invested more than $150 million in the campus over the last four years.

Kane, Williams Realty team up on major downtown Raleigh project

May 23, 2016

(The News & Observer, Raleigh)

Raleigh-based Kane Realty and Williams Realty & Building Co. plan to invest $85 million to $100 million on the project, which encompasses nearly 4 acres at the corner of West and Peace streets in downtown Raleigh. Plans call for 400 apartments and up to 50,000 square feet of retail space.

Report: Raleigh's Sensus seeking a buyer

May 20, 2016

(WRAL TechWire)

Sensus USA, a Raleigh-based company that develops software and hardware for water and electric meters, is searching for a buyer, according to a Reuters report. The report says a sale could value the company at $1.7 billion, including debt. Currently owned by private-equity firm The Jordan Company, Sensus is working with Goldman Sachs Group and Credit Suisse Group, Reuters says.

Report: Raleigh is hottest housing market in NC

May 20, 2016

(The Charlotte Observer)

A study based on data from Zillow shows that Raleigh has the fastest-moving inventory of homes in the state, followed by Durham and Charlotte. Wilmington and Burlington rounded out the top five markets.

 

Raleigh company's latest perk: Teslas for all workers

May 19, 2016

(The News & Observer, Raleigh)

Forget about gym memberships and chair massages: In an effort to attract talented recruits, Raleigh-based Practichem will lease new Tesla Model 3's for new and existing employees. The company, which makes scientific instruments for the biotech industry, received a $5 million investment last month.

New Jersey drugmaker coming to NC despite HB2

May 18, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals had threatened to cancel plans to build a $19.9 million manufacturing facility in Morrisville over House Bill 2. The New Jersey-based drugmaker said Tuesday it will move forward with the expansion, which will create 52 jobs. The company applauded Durham Country's support of the LBGT community. In other HB2 news, violinist Itzhak Perlman canceled tonight's concert with the North Carolina Symphony over the new law.

Raleigh considers tax hike for Dix property, affordable housing

May 18, 2016

(The News & Observer, Raleigh)

Raleigh City Manager Ruffin Hall proposed a 2-cent property tax increase that would raise $11.4 million to finance debt the city took on to buy the former Dorothea Dix hospital property, which it plans to convert to a park, and to add 115 affordable-housing units. The average homeowner would pay an additional $95.16 a year.

Morrisville's MaxPoint posts 15% increase in Q1 revenue

May 17, 2016

(The News & Observer, Raleigh)

MaxPoint Interactive increased its guidance for the year and reported first-quarter adjusted revenue of $19.4 million, up 15% from a year ago. Adjusted net loss was $1.48 per share; analysts had projected a loss of $1.51 per share. In late April, the digital marketing company completed a reverse stock split and this month moved its listing to the Nasdaq from the NYSE.

SEANC says Cowell should choose state job or corporate roles

May 17, 2016

(The News & Observer, Raleigh)

The State Employees Association of North Carolina is calling for N.C. Treasurer Janet Cowell to either resign from her state job or from two corporate boards on which she serves. Cowell responded by saying she has no intention of doing either. Cowell, who is not seeking re-election, recently joined the board of directors of Morrisville-based ChannelAdvisor and James River Group Holdings, which has its U.S. headquarters in Raleigh.

Moogfest merges art and technology in 4-day festival

May 16, 2016

(WRAL TechWire)

Moogfest, the music and technology conference inspired by synthesizer inventor Robert Moog, kicks off in Durham on Thursday after being held for more than a decade in Asheville. Speakers include Martine Rothblatt, creator of Sirius satellite radio and CEO of United Therapeutics. Click here for the the full lineup of musicians and speakers.

Transgender CEO fights to repeal HB2

May 16, 2016

(The News & Observer, Raleigh)

Martine Rothblatt, the CEO of United Therapeutics who had sexual reassignment surgery in 1994, says HB2 is rooted in a lack of education and understanding of the transgender community and that her company has no plans to leave the state but will instead work to ensure the law is overturned. The biotech company employs about 300 people at Research Triangle Park.

RTP drug developer brings in $47 in new funding

May 13, 2016

(Xconomy.com)

G1 Therapeutics, a spinout from UNC Chapel Hill, has raised $47 million to advance clinical studies of a treatment for small cell lung cancer and to begin clinical trials of a treatment for breast cancer. The funding was led by Boston-based Cormorant Asset Management, one of several new investors, and included existing investors Eshelman Ventures and Hatteras Venture Partners. G1 has raised $93 million since 2012.

Transenterix slashes jobs after FDA rejects surgical robot

May 12, 2016

(The News & Observer, Raleigh)

TransEnterix laid off about a third of the workforce at its Morrisville headquarters following the FDA's rejection last month of its SurgiBot system. The 10-year-old company is now shifting its focus to a second robot for general surgery, the ALF-X, which it acquired last year for $100 million. TransEnterix is seeking to develop and market an alternative to the da Vinci system, a surgical robot that has dominated the field for the last 15 years.

Raleigh's Republic Wireless adds Samsung phones, new cellular network

May 12, 2016

(The News & Observer, Raleigh)

Republic Wireless will expand the line of products available to customers of its low-cost phone service to include Samsung Galaxy and Google Nexus. The company, a spinoff of Bandwidth.com, uses Wi-Fi as its primary network. Raleigh-based Republic is also adding a second cellular partner (it currently partners with Sprint), though the company won't say who it is. Bloomberg and other media identified the carrier as T-Mobile.

Report: Raleigh-Durham No. 4 place for startups

May 12, 2016

(WRAL.com)

The Raleigh-Durham area ranks No. 4 on a list of startup hubs, trailing only Boston, the San Francisco Bay area, and Denver. The U.S. Chamber of Commerce measured metro areas based on quality of life, education, types of startups and exits, and other criteria.

Desperate Raleigh homebuyers chase sellers

May 12, 2016

(WRAL.com)

The Raleigh housing market has become so desirable that prospective buyers are targeting homeowners in certain neighborhoods with flyers and messages offering to buy their homes, even though they aren't listed for sale. More than 10,000 new homes are slated for construction in the Triangle this year.

Jackson named president of Harnett Health

May 12, 2016

(The Fayetteville Observer)

Kevin Jackson, interim president of Harnett Health since October, has been named to the permanent position. Harnett Health includes 101-bed Betsy Johnson Hospital in Dunn and 50-bed Central Harnett Hospital in Lillington. Fayetteville-based Cape Fear Valley Health manages the system.

Fujifilm opens biotech innovation center in Morrisville

May 11, 2016

(WRAL TechWire)

On Monday, Fujifilm Diosynth Biotechnologies opened a new 62,000-square-foot manufacturing center in Morrisville, where it will develop and make recombinant pharmaceuticals including proteins, vaccines and monoclonal antibodies. The company is a unit of Tokyo-based Fujifilm Holdings.

Southern Company completes PowerSecure purchase

May 11, 2016

(WRAL TechWire)

Georgia-based Southern Company has completed its $425 acquisition of PowerSecure, the Wake Forest-based company that makes distributed-energy systems. Stockholders received $18.75 a share. PowerSecure's headquarters will remain in Wake Forest.