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POSTED: Tuesday, February 26, 2013, 10:06 AM
Filed Under: Economic Development

Mayor Nutter makes his annual address to the Greater Philadelphia Chamber of Commerce at the Philadelphia Marriott Downtown Tuesday about 1 p.m.

It has tended to be a friendly forum for this mayor, who often encourages and sometimes cajoles the business community into doing more to hire, expand, offer internships, and mentor city residents.

Generally, the applause comes easily when Nutter describes his agenda, because the mayor has tended to champion a lot of things (lower wages and business taxes, property reassessment) that the business community has sought.

POSTED: Monday, February 4, 2013, 3:00 AM

Within the last three weeks, Conshohocken-based Skinny Nutritional Corp. has seen three of its four board members resign, each submitting a letter critical of how the company is being run.

The only board member left is chairman Michael Salaman, who also happens to be the CEO.

Skinny Nutritional is the maker of Skinny Water, which is marketed as a zero-calorie, zero-sugar bottled water product. A tiny, unprofitable company, Skinny Nutritional’s shares trade over the “pink sheets” over-the-counter market at a price that’s quite near zero itself.

POSTED: Wednesday, January 30, 2013, 10:23 AM
Filed Under: Pharma, Biotech

BioClinica Inc., a Bucks County-based provider of clinical trial management services, will be acquired by JLL Partners Inc., a New York private-equity firm, for about $123 million.

A holding company controlled by JLL will acquire BioClinica, of Newtown, through a cash tender offer at $7.25 per share.

Shares of the publicly traded BioClinica were up 19 percent, of $1.17, at $7.22 in morning trading.

POSTED: Monday, January 28, 2013, 3:00 AM

Many are interested in last year’s Jumpstart Our Business Startups Act and how it may make it easier for small businesses to raise capital.

Barely a day goes by that someone isn’t trying to prod me to write about crowdfunding, which would allow small businesses to raise small amounts of money without having to disclose much information to regulators or investors.

But while crowdfunding’s potential gets all the attention, another aspect of the JOBS Act has been having an immediate impact on small community banks: They’re deregistering as reporting companies with the Securities and Exchange Commission and delisting from major stock exchanges.

POSTED: Wednesday, January 2, 2013, 3:36 PM
Filed Under: Real Estate

BGC Partners Inc., a New York brokerage company, started the new year by buying two regional commercial real estate firms, including one in Philadelphia.

Smith Mack, a 28-year-old brokerage with four offices locally, was acquired by BGC, which first got into real estate in October 2011 when it bought Newmark & Co. Real Estate Inc. BGC then scooped up the bankrupt Grubb & Ellis Co. for $47.1 million in April.

On the same day that BGC announced its purchase of Smith Mack, the publicly traded company said it also bought Frederick Ross Co., a commercial brokerage in Denver. BGC did not disclose the financial details of either acquisition.

POSTED: Wednesday, December 19, 2012, 3:04 PM

One factoid that didn't make it into my column in Wednesday's newspaper on state subsidies to corporations, which focused on Delaware's $11.1 million incentive package to retain Incyte Corp., was the cost per job.

First, Delaware officials calculated the amount of state personal income tax the state would receive from a workforce of 560 from now until the end of 2018. That figure of $10,070,505 is the amount of the grant that Incyte received in exchange for creating 266 jobs.

To calculate what that works out per job, Delaware divided that dollar amount by 560 jobs, producing $17,983 per job. Why not the 266 jobs created, which would be $37,859? Because the deal calls for Incyte to have 560 employees in Delaware as of Dec. 31, 2018. If it does not, then there is a clawback provision that requires to company to pay back the state for every job under that level. That would be $17,983 per job.

POSTED: Tuesday, December 18, 2012, 12:14 PM
Filed Under: Pharma, Biotech

An update to my column in Tuesday's paper about the mix of messages emerging from several of the region's life-sciences firms:

A spokeswoman for Takeda Pharmaceuticals U.S.A. Inc. said the sale price for generic drugs business that it will sell to Caraco Pharmaceutical Laboratories Ltd. is $65 million. Takeda will keep the gout drug Colcrys, which it said generated net sales of $155 million during the three months ended Sept. 30.

Takeda acquired Colcrys and the other generics when it acquired Philadelphia's URL Pharma Inc. in June for $800 million.

POSTED: Wednesday, November 7, 2012, 4:59 PM

Keystone Property Group bought the three-building Moorestown Corporate Center from Mack-Cali Realty Corp., a publicly traded real estate investment trust, for $19.9 million.

Based on the price disclosed by Mack-Cali, Keystone paid about $90 per square foot for the office buildings at 224, 228 and 232 Strawbridge Drive in Moorestown. Both companies said the corporate center is 61 percent leased.

Bala Cynwyd-based Keystone said that Shaw Environmental, an engineering firm, occupies all 74,565 square feet of space in the building at 228 Strawbridge.

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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