Triangle

Valeant seeks new CEO

March 22, 2016

(WRAL TechWire)

Embattled Valeant Pharmaceuticals is looking for a new chief executive officer, Chairman Bob Ingram said in a statement Monday. Ingram, a partner at Durham-based Hatteras Ventures, is one of several Tar Heels on the Canadian drugmaker's board; former UNC System President Tom Ross and PPD founder Fred Eshelman joined earlier this month. Valeant shares have lost nearly 90% of their value as the company has come under fire for accounting discrepancies.

Raleigh's Medical Mutual partners with Sentinel Risk Advisors

March 18, 2016

(The News & Observer, Raleigh)

Raleigh's Medical Mutual Insurance Co. acquired a minority stake in Sentinel Risk Advisors, also based in Raleigh. Sentinel will take over the company's commercial insurance business, which generates about $5 million in annual premiums. Medical Mutual is the state's largest medical malpractice insurer.

New Jersey drugmaker creating 52 jobs in Durham

March 17, 2016

(The News & Observer, Raleigh)

Braeburn Pharmaceuticals will invest $19.9 million in a manufacturing and development facility in Durham, creating 52 jobs with an average annual salary of more than $75,000. The New Jersey-based company will lease 35,000 square feet at Keystone Technology Park. Braeburn makes implants and injectable treatments for neurological and psychological disorders such as addiction.

Hornets line up sponsors for next year's NBA All-Star game

March 17, 2016

(The Charlotte Observer)

The Charlotte Hornets have signed 15 sponsors for next year's NBA All-Star weekend. Most are local companies, including Bank of America, CPI Security, Lowe's and Babson Capital Management. The event will be held the weekend of Feb. 17 and is expected to generate about $100 million.

Meanwhile, Raleigh expects $5 million in visitor spending this week as it hosts opening rounds of the NCAA Basketball Tournament.

GSK's Witty to retire next year

March 17, 2016

(WRAL TechWire)

GlaxoSmithKline CEO Andrew Witty will step down in early 2017, the drugmaker announced this week. GSK employs several thousand people in the Triangle, including at a production plant in Zebulon.

Valeant shares tumble after weak 4Q results

March 16, 2016

(WRAL TechWire)

Shares of Valeant Pharmaceuticals were down 45% in midday trading after the Canadian drugmaker reported fourth-quarter results that missed expectations and slashed its 2016 outlook. Valeant last year acquired two Raleigh-based drug companies, Salix Pharmaceuticals and Sprout Pharamaceuticals, for a combined $12 billion.
Related: Drugmaker Valeant faces debt default risk; shares plunge 50%

UNC Rex venture fund reinvests $8M

March 15, 2016

(The News & Observer, Raleigh)

Rex Health Ventures plans to reinvest $8 million in distributions the 4-year-old fund has already received from its portfolio companies. The fund still has $2 million from its initial allocation that has not been invested. Companies the fund has invested in include Aerial BioPharma, baebies and Phononic.

First Citizens buys failed Wisconsin community bank

March 15, 2016

(The News & Observer, Raleigh)

Raleigh-based First Citizens Bank acquired the assets of North Milwaukee State Bank, its eighth FDIC-brokered deal since 2009. North Milwaukee had $67.1 million in assets and $45.1 million in loans as of Dec. 31.

A decade later, ESPN movie looks back on Duke lacrosse scandal

March 14, 2016

(The News & Observer, Raleigh)

On Sunday ESPN debuted Fantastic Lies, a documentary film about the the 2006 Duke lacrosse case in which three players were accused and later exonerated of raping a "dancer" they had hired to perform at a party.
Also: New ESPN doc exposes the real villains in the Duke lacrosse case

Ireland-based CRO opens Durham facility

March 14, 2016

(WRAL TechWire)

Almac Group, based in Northern Ireland, opened a new facility for its diagnostics business unit in Durham. The contract-research organization plans to employ 15 people initially. Almac employs more than 4,000 people worldwide, including more than 1,200 in the U.S. About 130 CROs have offices in the state.

Chase opens 2nd commercial banking office in NC

March 11, 2016

(The News & Observer, Raleigh)

Chase's new commercial banking office in Cary will cater to businesses with revenue from $20 million to $500 million. It's the bank's third commercial office in the Carolinas; others are in Charlotte and Greenville, S.C.

Raleigh's Clintrax acquired by New Jersey company

March 11, 2016

(The News & Observer, Raleigh)

Clintrax Global has been acquired by WIRB-Copernicus Group, a privately held company based in New Jersey. Financial terms were not disclosed. The Raleigh-based pharmaceutical-services company has 30 employees and generated $7 million in revenue last year.

Grifols investing $210 million in Johnston County plants

March 10, 2016

(The News & Observer, Raleigh)

Grifols will build a new plasma fractionation plant and a separate purification plant for intravenous immunoglobin in Clayton, where it employs about 1,600 people. The Barcelona-based company — Johnston County's largest private employer — doesn't yet know how many new jobs will be created.

Ross, Eshelman join Valeant board of directors

March 10, 2016

(The News & Observer, Raleigh)

Former UNC President Tom Ross and PPD founder Fred Eshelman will join the board of directors at Valeant Pharmaceuticals. The Canada-based company last year acquired Raleigh-based drug developers Salix Pharmaceuticals and Sprout Pharmaceuticals. Valeant is the target of an SEC investigation and has been scrutinized for raising drug prices, including in a recent campaign ad by Hillary Clinton.

Raleigh's Valencell closes on $11M financing

March 9, 2016

(The News & Observer, Raleigh)

Valencell, which develops technology for wearable electronics, raised $11 million in a round of financing led by GII Tech, a venture fund started by Gulf Islamic Investments of the United Arab Emirates. The money will be used for R&D and business development, CEO Michael Dering said in a statement. Meanwhile, Fitbit on Tuesday filed a counterclaim to Valencell's patent infringement lawsuit against the company.

Charles & Colvard sheds home party business

March 9, 2016

(The News & Observer, Raleigh)

Morrisville gemstone maker Charles & Colvard said it has sold Lulu Avenue, its home party business, to Yanbal USA for $500,000. Yanbal USA is a division of Yanbal International, a Lima, Peru-based beauty products company. The home party business accounted for 12% of C&C's sales in the fourth quarter.

BioCryst drug shows promise as Zika treatment

March 8, 2016

(WRAL TechWire)

BioCryst Pharmaceuticals said a preclinical study of its experimental antiviral drug showed promising results in combatting the Zika virus in mice.
Also: Here's why BioCryst stock is spiking today

Durham data-management firm raises $7.5M

March 8, 2016

(WRAL TechWire)

Zaloni Partners raised $7.5 million in a financing led by Sierra Ventures that included Baird Capital. The Durham-based company provides data lake management software and services. A data lake is a repository for large quantities of data.

First Bank to swap branches with Virginia bank

March 7, 2016

(The Pilot, Southern Pines)

First Bancorp, the Southern Pines-based parent company of First Bank, will exchange seven branches in Virginia for six First Community Bank branches in Winston-Salem and the Charlotte metro area. First Community is based in Bluefield, Va. The exchange will allow both banks to "achieve further concentration" of operations in their core markets, First Bank CEO Richard Moore says.

Durham's Hatteras Ventures to manage UNC startup fund

March 7, 2016

(WRAL TechWire)

Hatteras Ventures will invest up to $10 million in startups hatched at UNC Chapel Hill; also, the Durham-based venture-capital firm will manage the school's Carolina Research Ventures investment fund. Hatteras invests in early-stage life sciences companies and has about $350 million under management.