Archive: November, 2010
If the health of the economy were measured with a color-coded “threat” level like that used by Department of Homeland Security, I’d have to use a green magic marker.
Not because all of the signs are pointing to great growth, or consumers are spending like there’s no tomorrow.
No, what’s sending out an overall message of calm are reports like two released Monday dealing with the national and regional economies and their absence of crisis-speak.
No signs of an enthusiasm gap at last week’s Impact 2010 venture-capital conference in Philadelphia.
A survey of more than 250 entrepreneurs, investors, and professional advisers conducted Nov. 10 by KPMG L.L.P. found plenty of optimism among the people who start, feed, and guide growing companies.
The power of positive thinking would seem to be an essential ingredient in any risky effort, but it was been largely absent among the attendees of the 2008 and 2009 venture conferences in Philadelphia.
When I last wrote about Global Indemnity P.L.C., it was one of several companies incorporating in the more tax-friendly climate of Ireland.
In May, shareholders overwhelmingly approved the move at a special meeting in Bermuda, and Global Indemnity “re-domesticated” in Ireland from the Cayman Islands.
But most of the property and casualty insurer’s 390 employees continued to work out of Bala Cynwyd, where it leases about 71,150 square feet of office space.
There is little agreement over what the U.S. employer-based health-insurance system will look like 10 years from now.
Some have speculated that the Patient Protection and Affordable Care Act will prompt more businesses to drop coverage. Others say that the employee benefit is too prized, and that employers would be very reluctant to drop it.
On Tuesday, the Mercer consulting firm provided some new hints about what businesses say they might do. The results of a survey of more than 2,800 employers indicates only 6 percent of companies with at least 500 workers say they’re likely to drop their health coverage in 2014.
As he began his keynote address, Holveck refrained from commenting on what his career might symbolize, but was grateful that he wasn’t being called a “model,” which his wife had told him means a “small replica of something larger and real.”
In fact, Holveck is the executive who turned around Centocor Inc. in the ’90s after the failure of its lead compound and later sold it to Johnson & Johnson. Now engaged in the recasting of Chadds Ford-based Endo through a series of acquisitions, he can say with the force of experience that “drug development remains an expensive entrepreneurial pursuit with uncertain results.”
Avid Radiopharmaceuticals Inc. will be bought by Eli Lilly & Co. in a deal valued at up to $800 million.
Shareholders in the privately held West Philadelphia life-sciences firm would get $300 million in cash at closing and up to an additional $500 million depending on the various milestones reached by its Alzheimer's disease diagnostic compound.
Here's a link to the Lilly statement.
It can be disastrous for a small drug developer to have a deep-pocketed partner walk away from a partnership on an experimental therapy.
Such a loss of support often forces the small company to lay off staff, halt research, or even fold altogether.
As part of a major restructuring and shift in therapeutic focus, Biogen Idec Inc. last week severed its ties with Philadelphia’s Cardiokine Inc., with whom it had been collaborating on a drug called lixivaptan since mid-2007.
It’s not often a company with more than $800 million in annual sales establishes its headquarters in Philadelphia.
Even rarer is one that doesn’t make a big deal over it.
Checkpoint Systems Inc., a company that’s long had its headquarters in Gloucester County, moved its chief executive and about 20 other people into Center City in mid-August.