Triangle

Bluegrass festival to stay in Raleigh through 2018

May 14, 2014

(The News & Observer, Raleigh)

Raleigh will host the International Bluegrass Music Association's convention and festival through 2018. The organization signed a three-year extension with the city following last year's successful event, which drew an estimated 154,000 people and generated $10 million in visitor spending. The 2014 festival will run Sept. 30 through Oct. 4.

Quintiles buys Texas-based healthcare consulting company

May 13, 2014

(The News & Observer, Raleigh)

Quintiles will acquire Houston-based Encore Health Resources, a healthcare IT consulting business, for an undisclosed sum. The deal, which is expected to close by the end of June, will give the Durham-based pharmaceutical-services company 300 additional employees.

Duke trustees approve $2.2 billion budget

May 12, 2014

(Durham Herald-Sun)

Duke University trustees approved a $2.2 billion budget for the 2014-15 fiscal year, an increase of 1.5% over the current fiscal year. The budget includes a 4.5% increase in financial aid. Trustees also approved $15 million in improvements to Wallace Wade Stadium, which will be funded through private contributions. 

Blue Cross sold 232,000 ACA policies; enrollees mostly older

May 9, 2014

(The News & Observer, Raleigh)

Blue Cross and Blue Shield of North Carolina enrolled 232,000 state residents under the Affordable Care Act, though the majority were older and have more chronic conditions than insurer expected. Rates are likely to increase next year as a result of the insurer not signing up enough younger, healthier people to offset costs.

Durham-based Cree buys back $100 million in stock

May 9, 2014

(The News & Observer, Raleigh)

Durham-based Cree announced it has bought back $100 million of its shares and may purchase up to $200 million more. Shares of the LED lighting company have fallen 27% this year.

Science museum honored at White House ceremony

May 9, 2014

(The News & Observer, Raleigh)

The North Carolina Museum of Natural Sciences in Raleigh was among 10 institutions awarded the National Medal for Museum and Library Services.

Chapel Hill's Pozen cuts R&D jobs

May 9, 2014

(The News & Observer, Raleigh)

Pozen cut an unspecified number of jobs, reducing its staff to about 16 employees, and plans to eliminate more positions. The Chapel Hill drug-maker reported first-quarter net income of $2.9 million compared with a net loss of $5.8 million for the same period a year ago, and an increase in royalty revenue. 

Morrisville's Furiex posts $13 million first quarter loss

May 8, 2014

(The News & Observer, Raleigh)

Furiex Pharmaceuticals, which is being acquired by New York-based Forest Laboratories for more than $1 billion, reported a net loss of $13.1 million in the first quarter, compared with a profit of $9 million for same quarter a year ago. The Morrisville company's shares have risen 148% this year.  

Lakers considering UNC's Roy Williams for head coach

May 7, 2014

(The News & Observer, Raleigh)

The Los Angeles Times reported the L.A. Lakers have added Roy Williams to a list of candidates it plans to interview for the head coach position. The UNC Chapel Hill men's basketball coach joins Kentucky coach John Calipari and former Tar Heel George Karl on the list of potential candidates. 

Triangle home prices grew slower in March than the previous month

May 7, 2014

(The News & Observer, Raleigh)

Home prices in Raleigh grew 6.6% in March and 6.8% in the Durham-Chapel Hill market compared with the same month a year ago. The gains were smaller than those reported in February by data-services provider CoreLogic.

Cree launches new natural-light LED bulbs at Home Depot

May 7, 2014

(The News & Observer, Raleigh)

Durham-based Cree introduced a new LED lightbulb that provides more natural light than traditional LEDs. Cree says the TW series bulbs, which retail nationwide at Home Depot stores, last 25 times longer than incandescent light bulbs.

Bayer AG to acquire Merck's over-the-counter business

May 6, 2014

(The News & Observer, Raleigh)

Germany-based Bayer AG will purchase New Jersey-based Merck & Co.'s consumer care business, which includes Coppertone suncare products and Claritin allergy medicine, for $14.2 billion. Merck has extensive operations in North Carolina, including plants in Durham and Wilson.

Raleigh's LipoScience laying off 22 after losing contract

May 6, 2014

(The News & Observer, Raleigh)

Raleigh-based LipoScience will lay off 22 people as a result of Health Diagnostics Laboratory terminating its contract with the medical diagnostics company in March. LipoScience will employ about 180 people after the layoffs. The company went public in January 2013, then reported a net loss of $12.5 million for the year compared with $1.3 million in net income in 2012.

Raleigh chef Christensen wins James Beard award

May 6, 2014

(The News & Observer, Raleigh)

Ashley Christensen, chef and owner of Poole's Downtown Diner and several other Raleigh restaurants, won the award for best chef in the Southeast at the James Beard Foundation awards Monday. (Read more about Christensen in BNC's March 2014 issue)

Aqua NC granted 5.2% rate increase

May 6, 2014

(The News & Observer, Raleigh)

The N.C. Utilities Commission upheld a 5.2% rate increase for the state's largest private water utility and approved a new state policy that gives utilities permission to raise water rates without public hearings. Aqua NC provides water and sewer service to about 90,000 customers in the state.

Morrisville's ChannelAdvisor reports 30% increase in revenue

May 6, 2014

(The News & Observer, Raleigh)

ChannelAdvisor reported first-quarter revenue of $19.3 million, compared with $14.9 million a year ago. The software company recently has invested heavily in sales and marketing and its roster of customers has risen 28% in the past 12 months.

Performance Fibers to close Wake County plant, move operations to Salisbury

May 5, 2014

(The News & Observer, Raleigh)

Performance Fibers will cut 175 jobs when it closes its manufacturing plant in New Hill, about 25 miles southwest of Raleigh.  The Huntersville-based company, which makes industrial fibers used in tires, will invest $25 million in its Salisbury plant and consolidate operations there over the next 12 to 15 months.

Quintiles increases guidance after strong first quarter

May 2, 2014

(The News & Observer, Raleigh)

Quintiles posted revenue of more than $1 billion for the second consecutive quarter, up 8% from a year ago, and upgraded its 2014 projections for revenue and net income. CEO John Pike said the contract research organization's diverse customer base is one of its strengths. The Durham-based company has more than 500 customers.  

Scynexis revises planned IPO price again

May 1, 2014

(The News & Observer, Raleigh)

Durham drug-developer Scynexis revised its securities filing again, which shows it anticipates selling 6.2 million shares at $10 each in its initial public offering. The company, which does not yet have a drug on the market, originally planned to sell fewer shares at between $12 and $14, then downgraded the price to between $7 and $8. It expects proceeds of at least $55.1 million from the sale, which could occur this week.

Red Hat buys California open-source software company for $175 million

May 1, 2014

(WRAL TechWire, Raleigh)

Red Hat will acquire Inktank, a California-based software company whose Ceph Enterprise software provides open-source storage systems, for $175 million in cash. The deal is expected to close later this month.