Triangle

Bristol-Myers buying Chapel Hill drugmaker for up to $2.1B

November 3, 2015

(Winston-Salem Journal)

New York-based Bristol-Myers Squibb will acquire Cardioxyl Pharmaceuticals, a Chapel Hill-based drug developer, in a deal that could be valued at up to $2.1 billion if certain development and sales milestones are met. Cardioxyl's lead drug candidate is a treatment for heart failure.

Hemp poised to become NC's newest cash crop

October 30, 2015

(The News & Observer, Raleigh)

One of the final bills awaiting Gov. Pat McCrory's signature would legalize industrial hemp production in North Carolina. Hemp fibers can be used in textiles and paper, and the oil extract can be used to treat epilepsy.

INC Research reports strong 3Q results

October 30, 2015

(WRAL TechWire)

INC Research reported revenue of $234.5 million in the third quarter compared with $203.3 million for the same period a year ago. Earnings of 58 cents a share beat analysts' projections by 14 cents. The Raleigh-based contract-research organization went public in November.

Raleigh software startup raises $11 million

October 29, 2015

(The News & Observer, Raleigh)

Pendo plans to double its employment to 30 over the next three months after raising $11 million in a financing led by Boston-based Battery Ventures. CEO Todd Olson said the company could hire 30 to 40 more people in 2016. Pendo makes cloud-based software that helps customers improve their online products.

Deutsche Bank cutting 35,000 jobs globally

October 29, 2015

(The News & Observer, Raleigh)

Germany-based Deutsche Bank said it will cut 35,000 jobs in a global restructuring. The financial-services provider reported a $6.6 billion loss in the third quarter. DB Global Technologies, a unit of Deutsche Bank, announced plans last month to add 250 jobs at a Cary software center.

Raleigh needs more hotels to attract conventions

October 29, 2015

(WRAL.com)

Though construction is about to start on a 175-room hotel across from the Raleigh Convention Center, a new study shows the downtown area needs 400 new rooms to attract conventions.

Fidelity adding 600 jobs in Durham

October 28, 2015

(The News & Observer, Raleigh)

Fidelity Investments is expanding its Triangle presence, pledging to add 600 jobs with salaries ranging from $100,000 to $125,000 over three years. The Boston-based financial-services company employs 3,500 people in Wake and Durham counties, many in customer service. The new jobs will include software developers and design engineers.

Raleigh's BioDelivery Sciences to get $50M after FDA approves pain drug

October 27, 2015

(The News & Observer, Raleigh)

BioDelivery Sciences International will receive a $50 million milestone payment from Dublin-based Endo Pharmaceuticals, the company's partner in developing a treatment for chronic pain. The drug was approved by the U.S. Food and Drug Administration.

Monsanto moving RTP jobs to St. Louis

October 27, 2015

(The News & Observer, Raleigh)

The world's largest seed maker will close its research and development center in Research Triangle Park by the second half of next year. Roughly one third of Monsanto's 75 Triangle employees are expected to relocate to the company's R&D headquarters in Missouri.

Quintiles partners with IMS Health

October 23, 2015

(The News & Observer, Raleigh)

Durham-based Quintiles has formed an alliance with Connecticut-based IMS Health that will allow the company to gain access to more than one-half billion anonymous patient records. The contract-research organization says the alliance will aid in the recruitment of patients for clinical trials.

Biogen cutting 130 jobs in Morrisville, Durham

October 22, 2015

(The News & Observer, Raleigh)

Drug developer Biogen plans to cut 11% of its workforce as it discontinues some projects and refocuses its research on treatments for Alzheimer's disease and multiple sclerosis. About 130 jobs of the company's 1,400 workers in the Triangle will lose their jobs.

Raleigh entrepreneur buying Carolina RailHawks

October 22, 2015

(WRAL.com)

Stephen Malik, founder and executive chairman of Cary-based Medfusion, appears close to acquiring the Carolina RailHawks, an American professional soccer team, from Traffic Sports USA.

RTP biotech firm raises $150M

October 21, 2015

(The News & Observer, Raleigh)

A biotech company founded in 2004 by a Duke University researcher and two students has raised $150 million from a group of investors that includes Access Industries and Brady Dougan, a former CEO of Credit Suisse Group. Based in Research Triangle Park, Humacyte is developing a treatment for patients experiencing kidney failure.

Raleigh hospital changes name to UNC REX Healthcare

October 20, 2015

(News & Observer, Raleigh)

Raleigh-based Rex Healthcare has changed its named to reflect its 15-year-old affiliation with UNC Health Care. UNC REX Healthcare, with 680 beds and more than 5,600 employees, is the second-largest hospital in the UNC system.

Durham's Quintiles names new executive leaders

October 20, 2015

(WRAL TechWire)

Durham-based Quintiles named current CFO Kevin Gordon chief operating officer. Michael McDonnell, currently CFO of McLean, Va.-based satellite technology company Intelsat, will become chief financial officer of the contract-research organization in December.

Cempra shares tumble after report of adverse side effects

October 19, 2015

(The News & Observer, Raleigh)

Cempra shares fell 28% Friday after the Chapel Hill-based drug developer reported its experimental pneumonia treatment produced unexpected side effects in a clinical study. Shares closed at $19.29, down from $26.78 the day before. Cempra shares traded as high as $45 per share in late July.

Raleigh's Red Hat to acquire Durham software company

October 19, 2015

(WRAL TechWire)

Red Hat will acquire Durham-based software company Ansible in a deal worth more than $100 million. Ansible provides IT automation tools to help tech companies address increasing demand for speed and simplicity, according to its website.

Sprout's libido treatment could spur other similar drugs

October 19, 2015

(WRAL.com)

Addyi, the first drug approved to boost the female sex drive, could open the door for development of more drugs designed to increase sexual desire. Raleigh-based Sprout Pharmaceuticals received FDA approval for the drug in August; two days later Canada-based Valeant Pharmaceuticals said it was buying the drugmaker for $1 billion.

Triangle startups continue fundraising streak

October 16, 2015

(The News & Observer, Raleigh)

Triangle companies raised $131.5 million in the third quarter, bringing the total venture capital raised in 2015 to $327.9 million. That's more than the annual total of any year since 2008. Five companies raised more than $10 million, while three – Ascletis, AgBiome and Spoonflower – raised $25 million. Nationwide, venture capital investments were down 5% in the third quarter.

Cary manufacturer to reduce global workforce

October 16, 2015

(The News & Observer, Raleigh)

Cary-based Lord Corp. will cut an unspecified number of jobs due to slumping sales in some of its markets, which include defense, agriculture, oil and gas and construction. The industrial manufacturer didn't say which locations would be affected by the cuts. Lord employs 3,080 people worldwide, including about 400 in Cary.