Triangle

DOT plans improvements to Raleigh's Wade Ave. area

November 11, 2014

(WRAL.com)

The N.C. Department of Transportation will hold a public meeting Wednesday to present a $92 million plan for improvements to a 3.5-mile stretch of Interstate 440 in Wake County. Plans include expanding the road from two lanes to three, adding interchanges and replacing bridges. 

HCL leases four-story office building in Cary

November 11, 2014

(The News & Observer, Raleigh)

HCL has leased a 125,000-square-foot building off Regency Parkway in Cary. The India-based technology consulting firm announced in September it will invest $9 million to expand its local Global Delivery Center and add 1,237 jobs.

Cape Fear Valley begins restructuring of Harnett Health

November 10, 2014

(WRAL.com)

Cape Fear Valley Health will lay off 19 Harnett Health employees as part of a financial restructuring. The Fayetteville-based hospital system took over management of the financially troubled Harnett Health, which includes 101-bed Betsy Johnson Hospital in Dunn and 50-bed Central Harnett Hospital in Lillington, last week. 

Salix CFO resigns, shares fall sharply after third quarter loss

November 7, 2014

(The News & Observer, Raleigh)

Salix Pharmaceuticals announced an inventory audit of its best-selling drug and the resignation of Chief Financial Officer Adam Derbyshire, who had been with company since 2000. The Raleigh-based drug-maker reported a loss of $88.6 million – or $1.39 a share – in the third quarter; analysts had projected earnings of $1.56 a share. Revenue also fell short of analysts' expectations.

Lenovo reports disappointing 2Q revenue as China market cools

November 7, 2014

(The News & Observer, Raleigh)

Net income for China-based Lenovo rose 19% to $262 million in the second quarter, beating analysts' projections, but overall revenue fell short of expectations. Slow sales growth in China led to a 2% decline in that market. The world's No. 1 PC maker, which has its North American headquarters in Morrisville, this week launched a marketing campaign for its Yoga laptop in an effort to increase holiday sales.

Recount confirms Beasley's court race win

November 26, 2014

(The News & Observer, Raleigh)

Cheri Beasley, an associate justice, was confirmed the winner in the statewide N.C. Supreme Court race after a recount was completed Monday. The final tally showed Beasley received 5,410 more votes than opponent Mike Robinson, a Winston-Salem lawyer, out of more than 2.4 million votes cast. Beasley was appointed to the seat in 2012. 

Quintiles founder, private-equity firms to sell 13.3M shares

November 6, 2014

(The News & Observer, Raleigh)

Quintiles chairman and founder Dennis Gillings, along with three private-equity firms, plan to sell off a combined 13.3 million shares of the Durham-based company, bringing their combined stake to less than 50%. The contract-research organization will no longer be considered a controlled company, and it will no longer be exempt from certain New York Stock Exchange requirements that exist to protect shareholders.

Two Raleigh pharmaceutical-services firms to go public this week

November 5, 2014

(The News & Observer, Raleigh)

Both Raleigh-based PRA Health Sciences and INC Research are expected to go public this week. PRA looks to sell 18.6 million shares of stock priced between $20 and $23 each; trading is expected to begin Thursday. INC is expected to prices its shares on Thursday and begin trading on Friday.

LabCorp announces $6 billion acquisition of New Jersey-based CRO

November 4, 2014

(The News & Observer, Raleigh)

Burlington-based LabCorp will acquire New Jersey-based drug diagnostics firm Covance in a $6 billion cash and stock deal. The deal will allow LabCorp to compete with other drug-testing companies based in the state, including Durham-based Quintiles and Wilmington-based PPD. LabCorp will add 12,500 employees to its existing 34,000 worldwide through the acquisition.

Duke Energy, Red Hat and Piedmont lead initial contributions to EDPNC

November 4, 2014

(The News & Observer, Raleigh)

Charlotte-based Duke Energy and Piedmont Natural Gas and Raleigh-based Red Hat were the top initial donors to the state's new public-private economic-development partnership. The Economic Development Partnership of North Carolina said five companies contributed a combined $440,000 to help the agency get off the ground. Other contributors were Beijing-based Lenovo Group and Charlotte Pipe and Foundry.
Related: Duke Energy donation gives questionable boost to NC economic partnership

Kane Realty pushes for 40-story skyscrapers in Raleigh's Midtown

November 3, 2014

(The News & Observer, Raleigh)

Kane Realty wants Raleigh to allow buildings up to 40 stories high in its Midtown district. The area includes North Hills, the north Raleigh district the local real-estate developer has transformed from a two-story shopping mall into a mixed-use development that includes retail, residential and office space with urban-like density. 
Read more about John Kane, Developer of the Year in Business North Carolina's 2014 Building NC Awards

Blue Cross Blue Shield sends 42,000 incorrect renewal notices

October 31, 2014

(The News & Observer, Raleigh)

The state's largest health insurer mailed out about 42,000 policy renewal letters with incorrect rates. Some Blue Cross Blue Shield customers received notices showing cost increases of more than 100%. A company spokeswoman said the mistake was due to "good old classic human error."

Lenovo completes acquisition of Motorola smartphone business

October 31, 2014

(The News & Observer, Raleigh)

Lenovo is now the world's No. 3 smartphone company after completing its $2.91 billion acquistion of Google-owned Motorola Mobility. Chicago-based Motorola will operate as a subsidiary of Beijing-based Lenovo, which has its North American headquarters in Morrisville.

Gil stepping down as dean at UNC Chapel Hill

November 21, 2014

(WRAL.com)

Karen Gil will step down as dean of the College of Arts and Sciences at UNC Chapel Hill at the end of the 2014-15 academic year. She will return to teaching in the department of psychology. Gil, who became dean in 2009, was mentioned in the recent Wainstein report on academic fraud at the university but was not implicated in the scandal.

Chimerix plans secondary stock offering

October 31, 2014

(The News & Observer, Raleigh)

Chimerix looks to raise $105 million in a public stock offering. The Durham-based drug developer raised $118 in its initial public offering in April 2013. The company plans to use about $52 million of the proceeds to finance clinical trials for brincidofovir, an antiviral drug being tested as a treatment for viruses including Ebola and small pox.

Judges sentences Triangle brokers, developers in $44M fraud scheme

October 30, 2014

(The News & Observer, Raleigh)

A federal judge sentenced seven Triangle real-estate professionals and one from New Jersey for their involvement in a $44 million mortgage fraud scheme that ran from 2003 to 2009. The group, which includes developers, brokers and a lawyer, purchased and developed properties for quick resale and recruited "straw buyers" to obtain mortgage loans they could not afford to repay.

Raleigh's INC Research looks to raise $135M in public offering

October 29, 2014

(The News & Observer, Raleigh)

Raleigh-based INC Research is looking to raise $135 million in an initial public offering, according to a securities filing. The contract-research organization plans to sell 8.1 million shares at $17 to $20 a per share and will use the proceeds to pay down some of its $588 million in debt. INC employs about 5,500 people worldwide, including more than 850 in Raleigh.

PR expenses exceed $2M for UNC Chapel Hill

November 19, 2014

(The News & Observer, Raleigh)

UNC Chapel Hill will pay public-relations firm Edelman more than $1.65 million for its services following the academic and athletic fraud scandal that involved at least 3,100 students. The university had previously spent about $500,000 on public-relations services related to the scandal. UNC officials say state money and tuition dollars will not be used to pay for the PR expenses.

Syngenta faces lawsuits over exporting modified corn

October 28, 2014

(The News & Observer, Raleigh)

Food exporters who claim to have lost millions because they aren't allowed to ship Syngenta's genetically modified, insect-resistant corn to China have filed lawsuits against the agribusiness, which has its global headquarters for biotech research in Research Triangle Park. 

Novartis sells Holly Springs vaccine plant

October 27, 2014

(WRAL TechWire)

Novartis will sell its vaccines business, including its production plant in Holly Springs, to Australia-based CSL in a deal valued at $275 million. Basel, Switzerland-based Novartis received more than $40 million in state and local incentives to build the plant, which opened five years ago and employs 550 people.