Triangle

Durham's Chimerix reports disappointing clinical-trial results

May 10, 2016

(The News & Observer, Raleigh)

The Durham drug developer said brincidofovir, its experimental antiviral drug, failed to improve patients' survival rates in a clinical trial. The company reported a net loss of $26.3 million in the first quarter, compared with a net loss of $22.3 million a year ago. A contract with BARDA provides revenue for Chimerix, which had $315.7 million in cash at the end of the quarter. Chimerix's shares have fallen more than 90% since last August.

Ag tech accelerator launches at RTP

May 6, 2016

(The News & Observer, Raleigh)

A new accelerator that will provide seed funding, office space, labs and greenhouse space for agricultural tech startups opened on Thursday. The project has received $11.5 million in funding and expects to raise up to $30 million by year-end. The venture capital arm of Alexandria Venture Investments was the lead investor; Triangle-based Hatteras Ventures and Pappas Ventures also participated.

Mountaire Farms plans 500 jobs at Siler City chicken plant

May 6, 2016

(The News & Observer, Raleigh)

Delaware-based Mountaire Farms will acquire the former Townsend poultry processing plant in Siler City, which employed more than 1,000 people before shutting down in 2011. Mountaire plans to renovate the plant and says it will eventually create more than 500 jobs.

Blue Cross fines will be 'in the millions,' insurance commissioner says

May 5, 2016

(The News & Observer, Raleigh)

N.C. Insurance Commissioner Wayne Goodwin says technology-related problems at Blue Cross and Blue Shield are ongoing, and he called the insurer's response to the problems "unacceptable." Goodwin's agency has received 13,596 calls from disgruntled customers. He expects to report results of the commission's investigation on May 27.

GSK selling RTP real-estate holdings

May 5, 2016

(The News & Observer, Raleigh)

GlaxoSmithKline plans to sell 1.8 million square feet of space the company owns in Research Triangle Park and lease back the three buildings it currently uses. The pharmaceutical giant employs about 2,600 in the Triangle, down from 5,000 a few years ago, and only occupies about 600,000 square feet. The company said the move doesn't mean it has plans to leave North Carolina.

Quintiles merging with IMS Health to form $17.6B company

May 3, 2016

(WRAL TechWire)

Durham-based contract-research organization Quintiles is merging with Danbury, Conn.-based IMS Health Holdings in a deal valued at $9 billion. The combined company will have a market value of nearly $18 billion. The new company will be called Quintiles IMS Holdings and will maintain dual headquarters. Quintiles CEO Tom Pike will become vice chairman of the new company.

Raleigh drug developer files for Chapter 11 bankruptcy

May 3, 2016

(The News & Observer, Raleigh)

NephroGenex said Monday it has hired an investment banker to help sell its assets. The drug developer completed its initial public offering in February 2014 at $12 a share; its stock was trading at 18 cents a share on Monday afternoon. The company was in the midst of a restructuring and had been attempting to complete a reverse merger.

Jim Blaine handing off top job at SECU

May 3, 2016

Jim Blaine, one of the most important financial executives in North Carolina over the last 40 years, is retiring as CEO of State Employees' Credit Union. The group grew by more than 100-fold during his tenure.

INC Research reports 17.7% growth in service revenue

May 3, 2016

(The News & Observer, Raleigh)

Raleigh-based INC Research posted service revenue of $249 million in the first quarter, up from $211.5 million a year ago. Despite the strong results, the company laid off 3% of its workforce, or about 175 people worldwide, due to a realignment of its therapeutic business units. About 30 workers in Raleigh lost their jobs. CFO Greg Rush says the company is still growing, adding about 800 workers last year, including 100 in the Triangle.

BASF slashing 106 jobs at RTP

May 2, 2016

(WRAL TechWire)

German biotech firm BASF is cutting its plant technology unit — its headquarters is at RTP — in half, with layoffs beginning June 30. About half of the affected positions are scientists. The company opened a $33 million, 80,000-square-foot expansion of its RTP research campus in 2013.

Co-founders of Durham's Bronto Software step down

May 2, 2016

(The News & Observer, Raleigh)

A year after selling Bronto Software to San Mateo, Calif.-based NetSuite for $200 million, Joe Colopy and Chaz Felix have left the email marketing company they co-founded. Carolyn Sparano, who has been with the company for nearly a decade and was most recently vice president of client services, was named general manager. Colopy and Felix say they plan to stay in the Triangle area.

Duke president stepping down in 2017

April 29, 2016

(The News & Observer, Raleigh)

Duke University President Richard Brodhead will take a year's sabbatical then return to teaching and writing. He has led the university for 12 years. During his tenure, he has overseen more than $1 billion in construction projects and the opening of a new campus in China.

Report: Ingram stepping down as chairman of Valeant

April 29, 2016

(WRAL TechWire)

Drugmaker Valeant's newly appointed CEO Joseph Papa is expected to assume the role of chairman, The Wall Street Journal reports. Current Chairman Bob Ingram is expected to give up his post as early as Friday. Ingram, a former CEO of Glaxo Wellcome and general partner at Durham-based Hatteras Venture Partners, has been chairman or lead director of the Quebec-based drugmaker since 2010.

Cary considers plans for $51M mixed-use project

April 28, 2016

(The News & Observer, Raleigh)

Northwoods Associates would invest $46 million and the Town of Cary would pitch in $5 million to build a 55,000- to 75,000-square-foot office and retail building,188 apartments and a parking deck in downtown Cary. The historic Ivey-Ellington House would need to be moved to make way for the project. 

Drugmaker creating 275 jobs in Durham

April 27, 2016

(The News & Observer, Raleigh)

Aurobindo Pharma will invest $31.7 million and create 275 jobs in a Durham research and development facility. The India-based company makes semi-synthetic penicillins and other generic drugs. Aurobindo could receive up to $3.8 million in state incentives if it meets hiring goals.

Yadkin Bank closing 12 branches

April 22, 2016

(The News & Observer, Raleigh)

Following its acquisition of Greensboro-based NewBridge Bank, Yadkin Bank expects to save at least $28 million by closing about a dozen branches. The $431 million purchase gave Yadkin a total of 110 branches. Yadkin CEO Scott Custer said he expects many affected employees will be able to find other jobs within the company.

Raleigh Chamber: HB2 cost region 1,000 tech jobs

April 21, 2016

(WRAL TechWire)

In a statement opposing HB2, Raleigh Chamber President Tim Giuliani said that a technology company has scrapped plans for a possible 1,000 job-expansion in the Triangle area over the controversial bill. The statement also mentions the loss of 250 jobs from Deutsche Bank and calls for the immediate repeal of HB2.

Raleigh drone startup raises $18M

April 21, 2016

(The News & Observer, Raleigh)

PrecisionHawk, based in Raleigh, raised $18 million for software improvements and to launch a new drone priced at $16,000. The company is led by Bob Young, cofounder of Raleigh-based software company Red Hat. To date, privately held PrecisionHawk has raised a total of $30 million.

FDA rejects Morrisville company's surgical robot

April 21, 2016

(The News & Observer, Raleigh)

Shares of TransEnterix fell 50% in after-hours trading following the company's announcement that the Food and Drug Administration rejected its application to sell its surgical robot. SurgiBot would have been only the second surgical robot approved for general surgery in the U.S.

Analysts weigh in on potential LabCorp-INC Research deal

April 20, 2016

(The News & Observer, Raleigh)

Burlington-based LabCorp has held preliminary talks with Raleigh's INC Research about a possible deal, Bloomberg reports. INC, a contract-research organization, employs about 1,000 poeple in the Triangle. Analysts say a deal makes sense, as one of INC's strongest areas — testing drugs that affect the central nervous system — is one of LabCorp's deficiencies in its Covance CRO business