Triangle

IBM begins layoffs at RTP, workers say

March 3, 2016

(WRAL TechWire)

Posts on a Facebook site that serves as a forum for IBM workers show that the tech giant has begun issuing layoff notices to workers in Research Triangle Park and other U.S. locations. According to the site, the cuts were in IBM's cloud unit. A company spokesperson declined to comment.

Cancer care pays off for famed Raleigh investor

March 3, 2016

A Cary-based cancer-drug supplier was among two companies fetching $1.2 billion from McKesson Inc., a big health care products distributor. The sale marked a payday for Raleigh investor James Maynard, best known for his Golden Corral restaurant chain.

4 Triangle universities team up to boost startup funding

March 3, 2016

(WRAL TechWire)

Duke, UNC Chapel Hill, N.C. State and N.C. Central are forming the Triangle Venture Alliance, which will work with alumni to establish a network of angel investors for startups. The alliance has received a $250,000 federal grant to kickstart the effort.

Judge dismisses lawsuit against Pappas

March 3, 2016

(The News & Observer, Raleigh)

A Superior Court judge dismissed a lawsuit filed against A.M. Pappas & Associates by former Chimerix CEO Kenneth Moch. Moch's lawsuit contended he was the victim of an "extortion scheme" after the Durham venture-capital firm filed a libel lawsuit against Moch, claiming he sent disparaging emails to Pappas' investors. That case is still active.

Triangle CROs ramp up hiring, compete for workers

March 2, 2016

(The News & Observer, Raleigh)

Quintiles, INC Research and PRA Health Sciences added more than 5,000 workers worldwide last year, including several hundred in North Carolina, as biotechs and pharmas are discovering they can save money by outsourcing clinical trials and other services to contract-research organizations.

NC State alumnus gives $1M to launch startup fund

March 2, 2016

(WRAL TechWire)

Robert "Chip" Andrews and his wife, Lyn, have donated $1 million to launch a fund for entrepreneurs at N.C. State University. Additionally, an accelerator program is planned. Andrews is former CEO and chairman of FMI Corp. and is on the board of trustees at N.C. State.

Yadkin, NewBridge complete merger

March 2, 2016

(Greater Wilmington Business Journal)

Raleigh-based Yadkin Financial completed its acquisition of Greensboro's NewBridge Bank, creating a combined company with assets of $7.3 billion and 110 branches in the Carolinas.

Chimerix slashes 20% of workforce after failed drug trials

March 1, 2016

(The News & Observer, Raleigh)

Durham-based drug developer Chimerix said it is refocusing development efforts for brincidofovir, its experimental antiviral treatment, after recent failed clinical trials. The company reported a $37.8 million fourth-quarter loss and plans to cut 20% of its workforce of about 130. Shares of Chimerix's stock are down 87% since Christmas.

Cowell named to ChannelAdvisor board of directors

March 1, 2016

(WRAL TechWire)

State Treasurer Janet Cowell will receive a $50,000 retainer plus $150,000 in stock options to join the board of directors of Morrisville-based e-commerce firm ChannelAdvisor, according to a regulatory filing. Cowell, 47, was elected treasurer in 2008 and has said she will not seek re-election. She has worked for Corning, Lehman Brothers Holdings and SJF Ventures.

Blue Cross earns small profit, bumps exec pay in 2015

February 29, 2016

(The News & Observer, Raleigh)

Blue Cross and Blue Shield of North Carolina managed to post a small profit in 2015 despite huge losses from customers insured through the Affordable Care Act. CEO Brad Wilson earned $3.8 million in total compensation, a 34% increase over the previous year. Each of the insurance company's top 10 executives received raises.

UNC medical school opens Wilmington campus

February 29, 2016

(Greater Wilmington Business Journal)

UNC School of Medicine will open in March a branch campus at New Hanover Regional Medical Center, where up to 24 third- and fourth-year students will train for an entire year.

Cary's Biologics sold to McKesson as part of $1.2B deal

February 26, 2016

(The News & Observer, Raleigh)

San Francisco-based McKesson will acquire Biologics, a Cary-based pharmaceutical services firm, and Vantage Oncology, based in California, for a total of $1.2 billion. Biologics employs 365 people in Cary; a spokeswoman says the company doesn't expect any staffing changes as a result of the acquisition.

BASF to lay off 100 at RTP

February 26, 2016

(The News & Observer, Raleigh)

German chemical manufacturer BASF is cutting 350 jobs in its plant science division, including about 100 at Research Triangle Park. The company is streamlining several of its research and development projects. BASF employs about 1,000 people at RTP.

Atlanta utility buying PowerSecure International for $431M

February 25, 2016

(The News & Observer, Raleigh)

Southern Company will acquire Wake Forest-based PowerSecure International for $431 million. Stockholders will receive $18.75 per share, nearly double Wednesday's closing price of $9.87. The energy-services company will operate as a subsidiary of Southern, one of the largest U.S. energy companies with 4.5 million customers in Alabama, Florida, Georgia and Mississippi.

Report: Raleigh ranks No. 5 for career-focused workers

February 25, 2016

(WRAL TechWire)

Staffing firm Robert Half cited Raleigh's population growth, quality of life and low cost of living in its Career City Index, which ranks the best cities for career-oriented professionals. Raleigh trailed only Seattle, Boston, San Francisco and Washington, D.C.

Shareholders OK NewBridge-Yadkin merger

February 24, 2016

(News & Record, Greensboro)

Shareholders of both companies approved Yadkin Financial's $456 million bid for Greensboro-based NewBridge Bancorp. The deal is expected to close March 1, creating a company with $7.2 billion in assets and 110 branches.

Chimerix shares hit all-time low

February 23, 2016

(The News & Observer, Raleigh)

Shares of Durham-based Chimerix fell 40% to $4.55 Monday after the drug developer reported disappointing results of brincidofovir, its experimental antiviral treatment.

Quintiles tops list of 'most admired' life-sciences companies

February 23, 2016

(The News & Observer, Raleigh)

Durham-based Quintiles ranked first among life-sciences companies on Fortune magazine's list of the world's most admired companies, up from No. 3 last year.

Triangle office development picks up

February 22, 2016

(The News & Observer, Raleigh)

Downtown Raleigh could add 430,000 square feet of new office space in late 2017, ending a long period of inactivity in the office development market. Developers including Kane Realty and Highwoods Properties are also moving ahead with projects in Durham and Cary, where low vacancy rates are creating a tight market.

 

Report: NC startups raised $1.2 billion in 2015

February 19, 2016

(WRAL TechWire)

North Carolina entrepreneurial companies raised nearly $1.2 billion in 2015, up 122% from $533 million in 2014, according to a new report from the Council for Economic Development. The annual report includes venture capital as well as other sources of funding, including angel investing.