Charles River Laboratories International (NYSE:[[ticker:CRL]]), a Wilmington, MA-based contract researcher for the pharmaceutical industry, says that it plans to reduce its global workforce by 3 percent during the first quarter of this year to reduce costs. The firm reportedly has between 8,500 and 9,000 employees, meaning the cuts could impact from 255 to 270 workers. … Continue reading “Charles River Cutting 3% of Workers”
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
Mpex Pharma Lands $27.5M in Fourth Round
Mpex Pharmaceuticals has reeled in $27.5 million in the first closing of a Series D round of financing as the firm advances its inhaled antibiotic for chronic respiratory ailments through clinical trials, according to the company. The San Diego-based drug developer says that its fourth round of financing was led by Investor Growth Capital and … Continue reading “Mpex Pharma Lands $27.5M in Fourth Round”
Dyax and Fovea Strike Drug Pact
Biotech firm Dyax (NASDAQ:[[ticker:DYAX]]), based in Cambridge, MA, says that it has struck an exclusive license deal with French drug firm Fovea Pharmaceuticals to develop a version of Dyax’s lead drug ecallantide for eye diseases. Separately, Dyax is pursuing U.S. approval of ecallantide for a rare blood disease called hereditary angioedema (HAE). Last week an … Continue reading “Dyax and Fovea Strike Drug Pact”
Teva Takes Aim at Cubist Pharma’s Key Antibiotic Business
Cubist Pharmaceuticals (NASDAQ:[[ticker:CBST]]) plans to mount a lawsuit against Teva Parenteral Medicines after Teva made known that it plans to seek U.S. approval of a generic version of Cubist’s top-selling antibiotic daptomycin (Cubicin), Cubist announced this morning. Lexington, MA-based Cubist says that Teva informed the company in a letter that it planned to gain approval … Continue reading “Teva Takes Aim at Cubist Pharma’s Key Antibiotic Business”
Indevus: Mixed Results with HIV Blocker
Indevus Pharmaceuticals (NASDAQ:[[ticker:IDEV]]) says that a clinical study of its anti-HIV microbicide sponsored by the National Institutes of Health showed the treatment was safe but did not show statistically significant benefits. The 3,100-patient study showed that the drug—a vaginal gel applied before intercourse—lowered the risk of infection by 30 percent, shy of the study’s goal … Continue reading “Indevus: Mixed Results with HIV Blocker”
GI Dynamics Gains $15 Million to Help Patients Lose Weight
GI Dynamics has tapped previous investors to add $15 million to its third round of venture capital, giving the Lexington, MA-based firm more cash to develop its intestinal liner for the treatment of obesity and Type 2 diabetes. The company confirmed news of the financing, which was reported this morning by PE Hub. The new … Continue reading “GI Dynamics Gains $15 Million to Help Patients Lose Weight”
The Greater Boston Diabetes Cluster
More than one of our readers has noted recently that the Boston area is home to a mighty cluster of companies dedicated to providing new treatments and devices for diabetics. So, after a bit of investigation, we’ve compiled a list of local firms that represent some of the most promising advances in diabetes care. Of … Continue reading “The Greater Boston Diabetes Cluster”
Dyax and Biogen Expand Pact
Biotech firms Dyax (NASDAQ:[[ticker:DYAX]]) and Biogen Idec (NASDAQ:[[ticker:BIIB]]), both based in Cambridge, MA, have expanded a previous deal under which Dyax has discovered antibody drugs for Biogen with its phage display technology, according to a press release. The expanded deal guarantees Biogen 10 more product licenses, and, in return, Biogen will pay Dyax a $5 … Continue reading “Dyax and Biogen Expand Pact”
RXi to Sell up to $25M in Stock
RXi Pharmaceuticals (NASDAQ:[[ticker:RXII]]), a Worcester, MA-based developer of RNA-interference drugs, says that is has agreed to sell up to $25 million of its common stock to YA Global Investments. The deal gives RXi—which was co-founded by Nobel Laureate Craig Mello and featured in a story that Luke wrote last year—the option to sell newly issued … Continue reading “RXi to Sell up to $25M in Stock”
FDA Committee Votes in Favor of Dyax Lead Drug for Rare Blood Disease
An FDA advisory committee recommended approval of Cambridge, MA-based Dyax‘s (NASDAQ:[[ticker:DYAX]]) lead drug candidate, ecallantide, to treat severe attacks of a rare blood disease known as hereditary angioedema (HAE), according to an FDA spokeswoman. The advisory committee members voted 6-5, with two abstentions, that there was enough data to support the approval of the Dyax … Continue reading “FDA Committee Votes in Favor of Dyax Lead Drug for Rare Blood Disease”
Oracle to Buy mValent
Oracle (NASDAQ:[[ticker:ORCL]]), the enterprise software giant, says that it has agreed to acquire mValent, a Waltham, MA-based provider of software used to automate and manage applications. Redwood Shores, CA-based Oracle plans to integrate mValent its Oracle Enterprise Manager business. The deal—terms of which were not disclosed—is expected to close in the first half of this … Continue reading “Oracle to Buy mValent”
InterSystems CEO Ragon Donates $100M to Create New AIDS Research Institute
Local software entrepreneur Phillip “Terry” Ragon and his wife Susan Ragon have granted $100 million to Massachusetts General Hospital to form a research institute focused on developing vaccines for AIDS and other infectious diseases. The institute, called the Phillip T. and Susan M. Ragon Institute, will include a team of engineers and scientists from MGH, … Continue reading “InterSystems CEO Ragon Donates $100M to Create New AIDS Research Institute”
AMAG Pharma Awaiting FDA Word on New Iron-Replacement Drug
AMAG Pharmaceuticals could be months away from a long-awaited green light from the FDA to begin sales of ferumoxytol (Feraheme), an iron-replacement treatment for people with kidney disease, and a potential cash cow for the Cambridge, MA-based biotech firm (NASDAQ:[[ticker:AMAG]]). The promise of ferumoxytol has boosted the prospects of AMAG (formerly Advanced Magnetics), transforming the … Continue reading “AMAG Pharma Awaiting FDA Word on New Iron-Replacement Drug”
Molecular Insight Names CEO, Chair
Molecular Insight Pharmaceuticals (NASDAQ:[[ticker:MIPI]]), based in Cambridge, MA, says that its board of directors has made John Babich its CEO and Anthony Martin its non-executive chairman of the board, among other leadership changes. Babich had served as interim chairman and CEO since September 2008, when the board of directors decided to replace former CEO David … Continue reading “Molecular Insight Names CEO, Chair”
HiWired Sold to Radialpoint
HiWired, a Needham, MA-based provider of remote technical support to Internet service providers, has agreed to sell its assets to IT security and services firm Radialpoint, headquartered in Montreal, Canada, according to Radialpoint. Terms of the deal weren’t disclosed. HiWired co-founders Michael Wexler and Singu Srinivas will join Radialpoint as vice president of premium care … Continue reading “HiWired Sold to Radialpoint”
Exact Sciences Takes $24.5M Genzyme Deal, Sequenom to Drop Buyout Offer
Exact Sciences, a diagnostics firm that had been running low on cash, has sold its assets related to prenatal and reproductive health to big biotech Genzyme for $24.5 million—prompting Sequenom to end its pursuit to buy Exact in an all-stock deal valued at $41 million, according to statements from Exact and Sequenom. Saying it could … Continue reading “Exact Sciences Takes $24.5M Genzyme Deal, Sequenom to Drop Buyout Offer”
Organogenesis Gets $7.4M State Grant
The Massachusetts Life Sciences Center, the agency that manages state investments in the life sciences sector, says that it has awarded a two-year, $7.4 million grant to Organogenesis to support the firm’s expansion in the state. Organogenesis, a Canton, MA-based maker of living cell therapies for damaged tissues, has purchased two buildings in Canton and … Continue reading “Organogenesis Gets $7.4M State Grant”
Web Startup fixR Picks Boston as Ground Zero for Contractor Marketplace
(Updated: Additional information has been added to this story. Please see the editor’s note below.) Call it eBay for contractors—and at least initially for plumbers and carpenters and electricians in the Boston area. FixR, a Spain-based Web startup, has chosen the Hub for the first launch of its online marketplace where contractors bid on jobs … Continue reading “Web Startup fixR Picks Boston as Ground Zero for Contractor Marketplace”
Boston Scientific and Rival Settle Suits
Boston Scientific (NSYE:[[ticker:BSX]]), the Natick, MA-based medical devices giant, and Medtronic (NYSE:[[ticker:MDT]]) have settled two lawsuits and agreed to stand down from three others to end all litigation between the two industry rivals in the fields of interventional cardiology and endovascular repair, Boston Scientific announced late this afternoon. The company says terms of the settlements … Continue reading “Boston Scientific and Rival Settle Suits”
NitroMed Takes Buyout Offer from Deerfield, Dumps Archemix at the Altar
NitroMed (NASDAQ:[[ticker:NTMD]]), the Lexington, MA-based drug developer that struggled to market a heart failure drug for African-Americans, says it has agreed to be acquired for 80 cents per share in cash by investment firm Deerfield Management. This means NitroMed bailed out of previous agreements to sell BiDil to specialty drugmaker JHP Pharmaceuticals and to merge … Continue reading “NitroMed Takes Buyout Offer from Deerfield, Dumps Archemix at the Altar”
Viewers Hunt for Sirtris’ Anti-Aging Drugs After 60 Minutes Story
Apparently, there were still some people who hadn’t heard of Sirtris and its widely publicized anti-aging pills, because Sunday evening’s 60 Minutes story on the Cambridge, MA, biotech firm sparked a surge in Web searches on the company as well as requests for its experimental drugs. The 60 Minutes story on CBS was a recap … Continue reading “Viewers Hunt for Sirtris’ Anti-Aging Drugs After 60 Minutes Story”
Pfizer Bid for Wyeth Will Stall Mass. Biotech Deals, CEO Says, State Official Still Sees Growth
A combination of drug giants Pfizer and Wyeth could have many implications for the greater Boston life sciences sector, where both companies employ thousands of workers and have ties to many local biotech firms. News of New York-based Pfizer’s $68 billion proposed acquisition of Wyeth drew mixed reviews from biotech executives and officials in the … Continue reading “Pfizer Bid for Wyeth Will Stall Mass. Biotech Deals, CEO Says, State Official Still Sees Growth”
Forma Forms Antibiotic-Discovery Partnership with Cubist
Forma Therapeutics came out of stealth mode early this month to reveal its plans to discover drugs for difficult-to-treat cancers—and today the Cambridge, MA-based biotech startup is announcing a deal with antibiotics maker Cubist Pharmaceuticals aimed at applying the startup’s nascent technology to discover antibacterial compounds, according to a press release. Lexington, MA-based Cubist (NASDAQ:[[ticker:CBST]]) … Continue reading “Forma Forms Antibiotic-Discovery Partnership with Cubist”
Rib-X Raises $25M in Debt Financing, Reveals Final Results of Antibiotic Trial
Rib-X Pharmaceuticals has raked in $25 million in a debt financing to develop its pipeline of antibiotics for drug-resistant infections. The New Haven, CT-based biotech firm is expected this morning to reveal details of the financing and final results of a mid-stage clinical trial of its antibiotic delafloxacin. Last time I spoke with Rib-X CEO … Continue reading “Rib-X Raises $25M in Debt Financing, Reveals Final Results of Antibiotic Trial”
EMC, MIT Led Bay State Patent Winners in 2008—Here’s the Top 25 List
The sum of a company’s patent awards is not by a longshot a perfect barometer for an organization’s ability to innovate, but it can be one important measure of its investment in itself and its intellectual property—and its future competitiveness. In that regard, IT infrastructure company EMC (NYSE:[[ticker:EMC]]) seems like it’s doing all right. The … Continue reading “EMC, MIT Led Bay State Patent Winners in 2008—Here’s the Top 25 List”
Axikin Raises $3M After Spinning Out From Actimis
San Diego-based Axikin Pharmaceuticals has reeled in $3 million in a first round of venture financing to advance its young pipeline of drugs to treat respiratory and inflammatory diseases. The investors are Sanderling Ventures, which has offices in San Diego and San Mateo, CA, and Mitsui & Co. Venture Partners in New York, according to … Continue reading “Axikin Raises $3M After Spinning Out From Actimis”
Enlight Biosciences and Industry Giant Johnson & Johnson Forge Partnership
Enlight Biosciences, a Boston-based biotech firm advancing new technologies used in the discovery and development of drugs, said today it has gained a commitment from Johnson & Johnson to invest up to $13 million in its programs. Johnson & Johnson, the New Brunswick, NJ-based healthcare giant (NYSE:[[ticker:JNJ]]), is the latest drugmaker to form a partnership … Continue reading “Enlight Biosciences and Industry Giant Johnson & Johnson Forge Partnership”
Nanogen Seeks Other Suitors
San Diego diagnostics firm Nanogen (NASDAQ:[[ticker:NGEN]]) says that it has clearance to seek options other than its announced merger with French diagnostics company Elitech Group. (Nanogen is noteworthy in part because of its well-known CEO, Howard Birndorf, who co-founded Hybritech, Gen-Probe, and Ligand Pharmaceuticals.) Nanogen now has permission to pursue such options as a restructured … Continue reading “Nanogen Seeks Other Suitors”
Panacos Sells HIV Drug for $7M
Watertown, MA-based Panacos Pharmaceuticals (NASDAQ:[[ticker:PANC]]) says it has sold its lead HIV drug candidate, bevirimat, to Myriad Pharmaceuticals of Salt Lake City for $7 million. Panacos, a developer of antiviral drugs, said it would seek financing options late last year when it disclosed that it agreed to early repayment of a $20 million loan to … Continue reading “Panacos Sells HIV Drug for $7M”
ATV Backs Ardian in $30M Financing
Advanced Technology Ventures, which has offices in Waltham, MA, and Palo Alto, CA, has backed medical devices firm Adrian in a $30 million, third round of financing, PE Hub reported, citing a regulatory filing. Ardian, which is developing a device for treating congestive heart failure, also raised money for the round from Morgenthaler Ventures and … Continue reading “ATV Backs Ardian in $30M Financing”
eIQnetworks Secures $10M First Round
Security software firm eIQnetworks says it has raised $10 million in its first round of institutional financing led by venture capital firm Venrock. The Acton, MA-based company’s software provides large companies and organizations speedy remedies to IT security threats, among other features, and the company plans to use the new capital to boost sales and … Continue reading “eIQnetworks Secures $10M First Round”
Tabloid: Bose Cuts 1,000 Jobs
Bose, the Framingham, MA-based audio products firm, has cut 1,000 employees due to a decline in consumer spending, the Boston Herald reported this morning. The daily tabloid reports that the cuts equal about 10 percent of the firm’s global workforce and will impact areas of the organization such as manufacturing, yet the privately held company … Continue reading “Tabloid: Bose Cuts 1,000 Jobs”
N.E. VC Investment Sinks in 4th Quarter—No Surprise—And Lists of the Region’s Top Deals and Dealmakers
More ugly data on U.S. venture investment circulated over the weekend, so we at Xconomy thought we’d dig in and highlight some of the top deals and dealmakers in the region last quarter. But first the big picture from Dow Jones VentureSource. The nationwide survey of venture deals found that New England had 79 venture … Continue reading “N.E. VC Investment Sinks in 4th Quarter—No Surprise—And Lists of the Region’s Top Deals and Dealmakers”
Engine Developer Raises $20M
The Scuderi Group, which is developing a fuel-efficient internal combustion engine, says that it has raised $20 million in private funding. The West Springfield, MA-based firm—which plans to unveil a working prototype of its engine to the auto industry in April—has raised more than $35 million, according to the company. The firm did not disclose … Continue reading “Engine Developer Raises $20M”
Qualcomm Buys AMD Handheld Assets
San Diego-based wireless products firm Qualcomm (NYSE:[[ticker:QCOM]]) says that it has purchased graphics and multimedia technology assets from AMD (NYSE:[[ticker:AMD]]) for total cash consideration of $65 million. The assets were previously part of Sunnyvale, CA-based AMD’s handheld business, and Qualcomm says it plans to extend offers to some AMD employees who have been part of … Continue reading “Qualcomm Buys AMD Handheld Assets”
LaunchCapital Opens To Seed Startups, Describes Unique Investment Approach
LaunchCapital, a provider of seed-stage capital for tech startups, is expected next week to publicly announce its existence for the first time and describe its plans to invest in young companies in the Boston area and beyond. The Cambridge, MA-based firm aims to invest in startups at the earliest organizational stages, at a point when … Continue reading “LaunchCapital Opens To Seed Startups, Describes Unique Investment Approach”
NitroMed Delays Vote on Drug Sale
NitroMed (NASDAQ:[[ticker:NTMD]]) says that its board of directors has opted to delay a shareholder vote from today until January 20 on the company’s proposed sale of all assets related to its heart drug for African Americans, isosorbide dinitrate/hydralazine hydrochloride (BiDil), to JHP Pharmaceuticals for about $26 million. The Lexington, MA-based firm says it has delayed … Continue reading “NitroMed Delays Vote on Drug Sale”
Sequenom Getting Aggressive in Bid to Buy Exact Sciences
San Diego diagnostics firm Sequenom (NASDAQ:[[ticker:SQNM]]) says it plans to acquire all shares of cancer test maker Exact Sciences’ common stock (NASDAQ:[[ticker:EXAS]]), despite a rejection from Exact’s board of directors to Sequenom’s recent buyout offer. Sequenom proposes to buy each share of Marlborough, MA-based Exact for $1.50 worth of Sequenom common stock, a total value … Continue reading “Sequenom Getting Aggressive in Bid to Buy Exact Sciences”
Boston-Power Lands $55M Fourth Round To Fuel Production of Longer-Lasting Lithium-Ion Batteries For Laptops, Vehicles
Boston-Power has closed a $55 million fourth round of financing to fund its expansion—including ratcheting up production of its longer-lasting lithium-ion batteries for laptops—and to boost efforts to break into the promising market to supply batteries for e-bikes as well as hybrid and electric vehicles, the company revealed this morning. The financial jolt comes on … Continue reading “Boston-Power Lands $55M Fourth Round To Fuel Production of Longer-Lasting Lithium-Ion Batteries For Laptops, Vehicles”
Targanta Gets $42M Buyout Offer From NJ Drug Firm
Targanta Therapeutics (NASDAQ:[[ticker:TARG]]), the Cambridge, MA-based biotech firm that saw its value sink last month after the FDA decided not to approve its lead antibiotic oritavancin as a treatment for MRSA and other infections, has agreed to be acquired by drug maker The Medicines Company, the proposed buyer says. The Medicines Company (NASDAQ:[[ticker:MDCO]]) said yesterday … Continue reading “Targanta Gets $42M Buyout Offer From NJ Drug Firm”
Ze-gen Energized by Middle East Conglomerate in $20M Series B
Ze-gen has tapped a new investor in the Middle East to help raise $20 million in a Series B round of financing, looking to use the capital to commercialize its method of converting solid waste into gas for power plants. The Boston-based company’s new investor, Waroz Holding Company (a unit of Oman-based industrial conglomerate Omar … Continue reading “Ze-gen Energized by Middle East Conglomerate in $20M Series B”
WebLayers Raises $3M, Hires CEO
WebLayers, a Cambridge, MA-based provider of software to govern IT policies of service-oriented architectures, says it has raised $3 million in an equity financing and tapped former Lotus Development CEO Jeff Papows to be its president and chief executive. The equity round, which has a contingency for additional funds, included participation from Ascent Venture Partners, … Continue reading “WebLayers Raises $3M, Hires CEO”
Massachusetts’ Life Sciences Czar Talks Strategy Amid Squeeze on State Spending and Stingy Financial Market
A lot has happened since Xconomy’s last in-depth interview last summer with Susan Windham-Bannister, president and CEO of the Massachusetts Life Sciences Center, the agency in charge of the state’s 10-year, $1 billion stimulus plan for its life sciences industry. For one, the state Legislature cut the agency’s annual budget for operations and research grants … Continue reading “Massachusetts’ Life Sciences Czar Talks Strategy Amid Squeeze on State Spending and Stingy Financial Market”
Exact Sciences to Sequenom: No Deal
Exact Sciences (NASDAQ:[[ticker:EXAS]]), a Marlborough, MA-based maker of cancer diagnostics, is searching for a better deal than the one it was offered last week by San Diego-based diagnostics firm Sequenom (NASDAQ:[[ticker:SQNM]]). This afternoon, Exact said its board of directors unanimously rejected Sequenom’s bid to acquire the company for $1.50 per share worth of Sequenom common … Continue reading “Exact Sciences to Sequenom: No Deal”
Genzyme, Isis Begin New Drug Trials
Genzyme (NASDAQ:[[ticker:GENZ]]) and Isis Pharmaceuticals (NASDAQ:[[ticker:ISIS]]) say the biotech firms have begun two new late-stage clinical trials and have started screening patients for a third new study of cholesterol-lowering drug mipomersen, aiming to ratchet up the amount of data on patients treated with the drug over the next 18 months. Luke caught up with Cambridge, … Continue reading “Genzyme, Isis Begin New Drug Trials”
Illumina Allied with UK Sequencing Firm
Illumina (NASDAQ:[[ticker:ILMN]]), a San Diego-based provider of genetic and biological research tools, says it has formed an commercial alliance with Oxford Nanopore Technologies, an Oxford, England, developer of a single-molecule DNA sequencing system. Illumina will invest $18 million in Oxford as part of the deal, under which Illumina will exclusively sell and distribute Oxford’s experimental … Continue reading “Illumina Allied with UK Sequencing Firm”
Forma, Novartis Strike Drug Deal
Forma Therapeutics, a Cambridge, MA-based developer of cancer drugs, reports it has struck a license and option agreement with Swiss drug giant Novartis, through Forma investor Novartis Option Fund. Novartis will pay Forma an upfront fee and potential payments of more than $200 million, providing Novartis the option to license from Forma drugs that inhibit … Continue reading “Forma, Novartis Strike Drug Deal”
Ignition, Trilogy Back FIREapps
Bellevue, WA, venture firms Ignition Partners and Trilogy Equity Partners have invested $7.5 million in a second round of equity financing for FIREapps, a Scottsdale, AZ, maker of software that manages companies’ exposure to foreign currencies, according to a company press release. FIREapps also received financing through a loan facility from Silicon Valley Bank.
Highland’s Blossomless Bet on Blue Tulip—Retailer Seeks Bankruptcy Protection
Highland Capital Partners is feeling the pinch of the reeling retail market. The Lexington, MA, venture fund has a 44-percent ownership stake in Blue Tulip, a New York-based chain of specialty gift shops that has filed for bankruptcy protection and plans liquidation sales at its 24 stores, according to a PE Hub report. Highland’s share … Continue reading “Highland’s Blossomless Bet on Blue Tulip—Retailer Seeks Bankruptcy Protection”
Molecular Insight Pharma Director Barlow Resigns Over Rift with Board
The former CEO and chairman of Molecular Insight Pharmaceuticals (NASDAQ:[[ticker:MIPI]]), David Barlow, resigned from the firm’s board of directors last week over differences with fellow directors, according to a press release from the Cambridge, MA-based company. The exact nature of those differences is unclear, but Barlow alluded to “significant and sustained disagreements…regarding business philosophy, strategy … Continue reading “Molecular Insight Pharma Director Barlow Resigns Over Rift with Board”