Triangle

Novo Nordisk breaks ground on $1.8B plant in Clayton

March 29, 2016

(WRAL TechWire)

The new facility will produce ingredients for the Danish drugmaker's insulin treatments and will bring 700 jobs with an average annual salary of $68,000 to Clayton. The site is adjacent to Novo Nordisk's existing 20-year-old plant.

LS3P merging with Savannah architecture firm

March 29, 2016

(Greater Wilmington Business Journal)

LS3P, which has offices in Charlotte, Raleigh and Wilmington, announced its second merger within the last three months. After combining with Hubbard Architecture in Myrtle Beach, the firm now plans to merge with Dawson Architects of Savannah, Ga., adding 20 employees. The Charleston, S.C.-based firm now employs more than 300 architects, designers and staff.

Sprout investors say Valeant isn't living up to terms of merger agreement

March 28, 2016

(Bloomberg.com)

Investors in Raleigh-based Sprout Pharmaceuticals say Valeant is charging too much for its female libido pill and isn't doing enough to market the drug. Canada-based Valeant last year paid $1 billion for Sprout; the drug, called Addyi, has underperformed though sales are improving, with 57% of prescriptions being filled compared with 25% to 30% in the fourth quarter.

RTP-based drug developer plans to raise $16.5M

March 28, 2016

(Xconomy.com)

Envisia Therapeutics has raised $10.1 million of a $16.5 million financing to advance its glaucoma treatment, according to a securities filing. Research Triangle Park-based Envisia was spun out of Liquidia Technologies in 2013, raising $25 million from investors including Canaan Partners, Pappas Ventures and Wakefield Group.

Hayes to retire from Research Triangle Partnership

March 25, 2016

(WRAL TechWire)

CEO Charles Hayes will retire from the Research Triangle Regional Partnership after 20 years at the helm of the economic-development group. Raleigh real-estate developer John Kane will take over as board chair when Hayes retires, on June 30.

Johnston County reverses stance, now supports CSX

March 24, 2016

(WRAL.com)

After a closed-door meeting Wednesday, Johnston County commissioners said they now support CSX's plan to build a $272 million cargo terminal there, though Chairman Tony Braswell said there has been no recent communication with the Jacksonville, Fla.-based company.

Raleigh's Three Ships spins off SEO business

March 24, 2016

(The News & Observer, Raleigh)

Raleigh digital marketing agency Three Ships has been rebranded as CRISP, and the company spun off its search engine optimization business into a new company called Demand Signals. Each company has about 35 employees.

Red Hat revenue tops $2 billion

March 23, 2016

(The News & Observer, Raleigh)

The Raleigh-based open source software company posted double digit revenue growth in the fourth quarter, pushing annual revenue past $2 billion for the first time. Fourth quarter revenue of $544 million beat analysts' expectations of $537.5 million.

LexisNexis looks to add 150 workers by year-end

March 23, 2016

(The News & Observer, Raleigh)

Software company LexisNexis Legal & Professional has added 46 employees at its Raleigh office since the beginning of the year and expects to hire another 150 in 2016. The New York-based company said in 2012 it would create 350 jobs with an average annual salary of $91,644 over five years.

Low inventory leads to tight Triangle housing market

March 22, 2016

(The News & Observer, Raleigh)

The number of homes on the market in the Triangle fell 14% in February compared with the same period a year ago, while sales increased 11%. Inventory in the market, which includes Durham, Johnston, Orange and Wake counties, has fallen for 18 consecutive months.

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.