Triangle

Durham's Square 1 Bank to be acquired by PacWest

March 3, 2015

(The News & Observer, Raleigh)

Square 1 Bank will be acquired by Los Angeles-based Pacific West Bank in an all-stock deal valued at $849 million. The Durham-based bank, which went public a year ago, has assets of about $3 billion and about a dozen loan-production offices nationwide. Square 1 will keep its name and will operate as a division of PacWest.  

Biotech industry growing in NC

March 3, 2015

(WRAL TechWire)

Employment in the biotech industry increased by more than 30% between 2000 and 2012, according to a report from research firm Battelle. The sector produces $73 billion and is responsible for 61,000 jobs with an average annual salary of $81,000.
Related: NC biotech startups share global spotlight in Raleigh

GSK, Novartis exchange assets in $21B deal

March 2, 2015

(WRAL TechWire)

GlaxoSmithKline and Novartis have completed a $21 billion deal that makes London-based GSK the world's largest vaccine supplier. Under the terms of the deal, Novartis is acquiring GSK's oncology drug pipeline while GSK acquires Novartis' global vaccine business.  

Shareholder advisory firms give thumbs up to Pantry sale

February 27, 2015

(The News & Observer, Raleigh)

Institutional Shareholder Services and Glass Lewis & Co. recommend that shareholders of The Pantry approve its pending sale to Alimentation Couche-Tard. Cary-based The Pantry operates more than 1,500 convenience stores in 13 states, primarily under the Kangaroo Express brand. Couche-Tard has 6,303 convenience stores in North America. Most of its U.S. stores operate as Circle K.

Lenovo's website hacked following adware controversy

February 26, 2015

(WRAL TechWire)

A hacker group called Lizard Squad said they are responsible for hacking Lenovo's website Wednesday evening. The Beijing-based computer-maker, which has its North American headquarters in Morrisville, came under fire last week when it was discovered that it had pre-installed malicious adware on some of its laptop computers.

Lenovo issues apology over adware

February 24, 2015

(WRAL TechWire)

Lenovo's chief technology officer apologized to customers about the Superfish adware the computer-maker pre-installed on laptops between September 2014 and January 2015. The company, which has its North American headquarters in Morrisville, first said the adware posed no security risk then later changed its statement and now calls the risk "severe."

Morrisville's MaxPoint details plans for IPO

February 24, 2015

(The News & Observer, Raleigh)

Morrisville-based MaxPoint Interactive hopes to sell 6.5 million shares priced between $10.50 and $12.50 each in its initial public offering, according to a regulatory filing Monday. The digital-marketing company helps clients determine the best neighborhoods to market their products.

Allegiant Air begins service from RDU to Florida

February 24, 2015

(The News & Observer, Raleigh)

Low-cost carrier Allegiant Air will begin twice-weekly service from Raleigh-Durham International Airport to three Florida airports. The Las Vegas-based airline will begin flights to St. Pete-Clearwater on May 6 and to Orlando-Sanford and Punta Gorda on May 7. Introductory fares ranging from $44 to $54 are being offered to passengers who book trips by Wednesday. 

Valeant to acquire Raleigh's Salix for $10 billion

February 23, 2015

(WRAL.com, Raleigh)

Valeant Pharmaceuticals will acquire Raleigh-based Salix Pharmaceuticals for approximately $10 billion, or $158 per share. Including debt, the all-cash deal is valued at about $14.5 billion. Laval, Quebec-based Valeant makes prescription and over-the-counter eye- and skincare products. Salix develops drugs to treat gastrointestinal illnesses. The deal is expected to close in the second quarter.

Shalag expanding, creating 40 jobs in Granville County

February 23, 2015

(The News & Observer, Raleigh)

Shalag Industries will invest $16 million in an expansion of its Oxford manufacturing plant and plans to add 40 jobs to its existing 74 over three years. The Israel-based company makes non-woven materials for baby diapers and medical and industrial wipes.

Reports say Lenovo adware may cause security issues

February 19, 2015

(WRAL TechWire)

Global media outlets are reporting that some Lenovo laptops are preloaded with malicious software that could pose a security threat. The security hole is related to Superfish, an adware program the world's No. 1 PC maker pre-installed on some of its computers. 

Cary's PurThread partners with Burlington

February 19, 2015

(The News & Observer, Raleigh)

PurThread Technologies will partner with Greensboro-based textile company Burlington to develop products incorporating the Cary company's anti-microbial yarns. PurThread, which previously sold products such as lab coats and scrubs directly to hospitals, now works specifically with established corporate partners including Eastman Kodak.

MaxPoint Interactive's 2014 revenue exceeded $100M

February 18, 2015

(The News & Observer, Raleigh)

MaxPoint Interactive, the Morrisville-based digital-marketing company that recently announced plans to go public, had revenue of $106.5 million in 2014, up 61% from the previous year, according to a securities filing.

Anheuser-Busch drops legal battle with Natty Greene's

February 17, 2015

(The News & Observer, Raleigh)

Anheuser-Busch has withdrawn its opposition to Natty Greene's Brewing Co.'s trademark application for the phrase "Natty Greene's," a name the Greensboro-based brewer has used for more than a decade. Anheuser-Busch had argued the phrase is too similar to its trademarked "Natty Light" phrase it uses to promote its Natural Light beer.

Ed Mitchell closes Durham barbecue restaurant

February 17, 2015

(The News & Observer, Raleigh)

Barbecue pitmaster Ed Mitchell has closed his restaurant at the American Tobacco Campus in Durham after being open for less than a year. Mitchell says the space was too small to meet the restaurant's demands and he is looking to reopen in a larger space in the Triangle.

First Citizens to acquire Atlanta-based community bank

February 16, 2015

(Winston-Salem Journal)

First Citizens Bank of Raleigh will acquire Capitol City Bank & Trust, a community bank based in Atlanta with eight branches and $275 million in assets. Its the bank's seventh FDIC-brokered acquisition since the financial crisis began in 2007.

Report: Canadian pharmaceutical may make bid for Salix

February 16, 2015

(The News & Observer, Raleigh)

Canadian drugmaker Valeant Pharmaceuticals has lined up financing for a possible acquisition of Raleigh-based Salix Pharmaceuticals, according to a report from Bloomberg News. Valeant could offer more than $150 a share, the report says. Salix, which makes drugs for gastrointestinal illnesses, canceled a planned $2.7 billion merger with Italy-based Cosmo Pharmaceuticals last fall.

Lenovo finds success with its ThinkPad products

February 16, 2015

(The News & Observer, Raleigh)

Despite growing competition from rivals including Apple, Lenovo reached the milestone of selling 100 million ThinkPad laptops in December. The world headquarters for the China-based company's ThinkPad brand of products is in Morrisville.
Also: RTP campus leased to Lenovo sells for $127M

Quintiles cutting 270 jobs

February 13, 2015

(The News & Observer, Raleigh)

Durham-based Quintlies will lay off 270 workers worldwide, less than 1% of its workforce of 32,600. The company hasn't said how many of the contract-research organization's 2,500 Triangle employees will be affected by the job cuts, which are the result of a corporate restructuring.

UNC Chapel Hill tied for second in IPO class of 2014

February 13, 2015

(The News & Observer, Raleigh)

Three chief executives who took their companies public in 2014 were graduates of UNC Chapel Hill, according to Equilar, a Calif.-based firm that provides data about executive compensation. Harvard produced seven CEOs who led their companies through IPOs last year, while Columbia University, Stanford University, Texas Tech University and UNC Chapel Hill each had three.