Triangle

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.

Profits rise 137% at Durham's Square 1 Bank

May 1, 2014

(The News & Observer, Raleigh)

Square 1 Bank posted first quarter net income of $7.8 million, an increase of 137% from a year earlier. The Durham-based bank, which went public in March, gained $2.2 million in warrant income from loans it made to startups. 

Morrisville's Furiex sold to Forest Labs for up to $1.5 billion

April 29, 2014

(The News & Observer, Raleigh)

Furiex Pharmaceuticals will be acquired by New York-based Forest Laboratories in a deal worth up to $1.5 billion. Furiex's lead product is a treatment for irritable bowel syndrome, which affects millions but for which few drugs are available. Furiex was spun out of Wilmington-based Pharmaceutical Product Development in 2010. Furiex shares rose 28% Monday, closing at $103.05.

Four Oaks Bank fined $1.2 million for involvement in ZeekRewards case

April 29, 2014

(Winston-Salem Journal)

Four Oaks Fincorp must pay a $1 million civil penalty to the U.S. Treasury and another $200,000 federal fine for its involvement in the Lexington-based ZeekRewards.com Ponzi scheme. Though the Johnston County bank has not admitted any wrongdoing, the U.S. Justice Department alleges it profited more than $850,000 in fees from debit transactions related to the case.

Cary's Cornerstone Therapeutics becomes Chiesi USA after acquisition

April 29, 2014

(The News & Observer, Raleigh)

Chiesi Farmaceutici completed its $300 million acquisition of Cary's Cornerstone Therapeutics Monday. Cornerstone, with 64 employees, will now be called Chiesi USA and will operate as a wholly-owned subsidiary of the Italian pharmaceutical research company, which employs 4,000 worldwide.  

Minnesota's Proto Labs buys Raleigh 3D printing company for $38 million

April 28, 2014

(The News & Observer, Raleigh)

Minnesota-based Proto Labs acquired FineLine Prototyping for $38 million. The Raleigh-based 3D printing company provides services to customers in the aerospace, consumer products, medical and electronics industries. Proto plans to keep FineLine's operations in Raleigh.

Quintiles signs five-year deal with Biogen Idec

April 25, 2014

(The News & Observer, Raleigh)

Durham-based Quintiles entered into an agreement with Cambridge, Mass.-based biotech company Biogen Idec to partner on developing and implementing clinical drug trials. Quintiles, one of the world's largest contract research organizations, employs 2,300 in the Triangle. 

Dunn truck-equipment manufacturer buys Utah company

April 25, 2014

(The Fayetteville Observer)

The Godwin Group, a Dunn-based truck-equipment manufacturer, has acquired Salt Lake City-based Williamsen Manufacturing for an undisclosed sum. The purchase will allow the family-owned business founded in 1966 to expand in Western markets. After the acquisition, Godwin employs close to 500 workers, including 275 at three plants in Dunn.

Novozymes to hire 100 at new Cary research center

April 24, 2014

(The News & Observer, Raleigh)

Danish biotech company Novozymes will hire 100 people at a new research and development center it plans to build in Cary. The company could receive up to $2.3 million in incentives if it meets hiring goals and invests at least $36 million in the new lab. Novozymes also will invest $30 million in upgrades at its North American headquarters in Franklinton.

VantageSouth posts first quarter net income of $1.7 million

April 24, 2014

(The News & Observer, Raleigh)

VantageSouth Bancshares earned $1.7 million in the first quarter, compared with a net loss of $1.2 million a year ago. Chief Financial Officer Terry Earley said the bank's acquisition of East Carolina Bank, completed in April 2013, impacted its earnings profile.

Wary of budget cuts, NCCU to eliminate 55 positions

April 24, 2014

(The Herald-Sun, Durham)

North Carolina Central University will eliminate 38 vacant positions and lay off 17 employees in anticipation of state budget cuts. Chancellor Debra Saunders-White said the university is expecting a 2% to 3% cut in funding. Affected workers will be notified the first week of May.