Monday, April 27, 2015

POSTED: Wednesday, December 21, 2011, 9:03 AM

Teva Pharmaceutical Industries, which has its North American headquarters in North Wales, has grown greatly by acquisition over the years.

It acquired Frazer's Cephalon and Japan's Taiyo in 2011 and Germany's ratiopharm in 2010.

Now Teva plans to acquire its own shares. The board of the Jerusalem-based company said it plans to buy back up to $3 billion of its ordinary shares and American depositary receipts over the next three years. Teva said the purchase would amount to 8 percent of its outstanding stock.

Mike Armstrong @ 9:03 AM  Permalink | 0 comments
POSTED: Tuesday, December 20, 2011, 8:44 AM
Filed Under: Pharma, Biotech

AstraZeneca P.L.C., which has major operations in northern Delaware, announced setbacks on a treatment for ovarian cancer and another drug to treat patients with major depressive disorder.

The company said it will not conduct Phase III clinical trials for olaparib, the cancer drug. Also, Phase III study results for TC-5214 showed the drug failed to meet the primary end point set by researchers.

As a result, AstraZeneca will take pre-tax impairment charges totaling $381.5 million in the fourth quarter. It said that will have a 21-cent "negative impact" on the company's "core" earnings per share in Q4, although AstraZeneca left its guidance unchanged at $7.20 to $7.40 per share.

Mike Armstrong @ 8:44 AM  Permalink | 0 comments
POSTED: Friday, December 16, 2011, 12:30 PM
Filed Under: Technology

Shares of Kensey Nash Corp. were down as much as 21 percent Friday morning after the medical device maker said it would enter mediation over a long-running dispute involving royalty payments.

The Exton company has been squabbling with the much bigger St. Jude Medical Inc. over how much Kensey Nash has received from sales of a product called Angio-Seal. That device is used to close wounds after heart-artery surgery.

St. Jude acquired the rights to the Kensey Nash-developed product in 1999.

Mike Armstrong @ 12:30 PM  Permalink | 0 comments
POSTED: Thursday, December 15, 2011, 3:18 PM

This probably won't be billboard material for Occupy Wall Street, but compensation rose in 2,480 counties in the United States between 2010 and 2009, while it declined in 633.

The federal Bureau of Economic Analysis ranks the more than 3,100 counties in terms of total compensation, which is defined as salary and benefits. For example, just 5 percent of those counties have at least $10 billion in total comp.

In the Philadelphia region, eight of the nine counties meet that threshold. The City of Philadelphia (which is a county) stands at the top in terms of total comp with $46.0 billion. At the other end is Gloucester County with $5.5 billion.

Mike Armstrong @ 3:18 PM  Permalink | 0 comments
POSTED: Thursday, December 15, 2011, 9:18 AM

Statistics involving the U.S. economy have generally painted a brighter picture lately, and Thursday's report on weekly jobless claims uses the same palette.

The Bureau of Labor Statistics said initial claims for the week ended Dec. 10 were 366,000, down 19,000 from the previous week's revised stat. A better gauge is the four-week moving average, which was 387,750.

With both national figures below 400,000 as the year comes to a close, might we hope for a 2012 job market that begins to lower the unemployment rate? It can't hurt, but many of the forecasters see the unemployment rate winding up 2012 about where it was in November --at 8.6 percent.

Mike Armstrong @ 9:18 AM  Permalink | 0 comments
POSTED: Wednesday, December 14, 2011, 9:49 AM

As Charming Shoppes shops its Fashion Bug chain, it made a move to retain the executive who runs that division.

The Bensalem retailer has promised a retention bonus of $125,000 to MaryEllen MacDowell if she stays at Fashion Bug either through the closing of a sale or April 1 -- whichever comes first.

Oh, but there's more, according to a filing with the Securities and Exchange Commission.

Mike Armstrong @ 9:49 AM  Permalink | 0 comments
POSTED: Monday, December 12, 2011, 9:06 AM

This will be an interesting week for anyone shopping for new data on which way the economy is headed.

First, the Commerce Department will release November retail sales on Tuesday, the same day that the Federal Open Market Committee will provide its latest views on the economy (while presumably standing pat on its policy decisions.)

Then, we get producer price information on Thursday and consumer price data on Friday. That's a window into the inflation/deflation picture. Sandiwiched between those reports are the Federal Reserve Bank of Philadelphia's Business Outlook Survey as well as Fed reports on industrial production and capacity utilization (all on Thursday). That will update the health of the manufacturing sector.

Mike Armstrong @ 9:06 AM  Permalink | 0 comments
POSTED: Thursday, December 8, 2011, 6:46 PM
Filed Under: Real Estate

The law firm of Reed Smith L.L.P. will move its Center City offices for the first time since 1989.

Brandywine Realty Trust said Reed Smith signed a lease for 115,000 square feet of space in Three Logan Square, 1717 Arch St.

The firm, which has more than 150 lawyers in Philadelphia, currently occupies 156,534 110,000 square feet in One Liberty Place, 1650 Market St. (Current square footage amount updated 12/09/11.)

Mike Armstrong @ 6:46 PM  Permalink | 0 comments
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Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

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