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Inquirer Daily News

Archive: October, 2008

POSTED: Friday, October 31, 2008, 2:25 AM
Filed Under: Pharma, Biotech | Technology

The 2008 Deloitte Greater Philadelphia Fast 50 ranks technology companies by revenue growth from 2003 to 2007. To be considered, a company must have at least $50,000 in revenue in 2003 and at least $5 million in 2007.

Here is this year's list:

1. ViroPharma Inc., Exton - 12,541 percent

POSTED: Friday, October 31, 2008, 2:25 AM

Philadelphia may have too diverse a business community to be considered a company town. But the presence of some of the world’s biggest pharmaceutical companies and prestigious researchers acts like a magnet.

All sorts of firms have gravitated here to provide products and services to them. Other companies are spun off from research being done in the region.

The attraction can be seen in Deloitte LLP’s 12th annual Greater Philadelphia Fast 50, a list that ranks technology companies by revenue growth in percentage terms from 2003 to 2007. Squarely at the top are three life-sciences companies.

POSTED: Thursday, October 30, 2008, 2:59 PM
Filed Under: Real Estate

As Inquirer staff writer Suzette Parmley reported in this morning's Business section, more luxury condominium units and hotel rooms are planned for Center City.

The Waldorf-Astoria Hotel & Residences Philadelphia is the name of the 58-story tower being developed by Ardmore's Mariner Commercial Properties Inc., local cable fortune heir Brook J. Lenfest and Dallas' Gatehouse Capital Corp. It would be Center City's sixth-tallest building.

The architect of the 670-foot tall structure is Cope Linder Architects, the firm that has been working on the plans for the SugarHouse Casino on the riverfront. Lead architect is David Ertz, who also designed the condo tower at 1706 Rittenhouse Square St.

POSTED: Thursday, October 30, 2008, 2:25 AM

As funding options dwindle for small pharmaceutical and biotechnology companies, Big Pharma is on the hunt for deals at bargain prices. So are the medium- sized medicine makers.

With almost $2 billion in annual sales, Cephalon Inc. is in the second category. Its executives told analysts on its earnings call Tuesday evening that they’re “actively” looking at potential deals.

Marc Goodman, of Credit Suisse, noted that no initial public offerings are getting done and lots of small companies need cash. He wondered if Cephalon, which had $847 million in cash as of Sept. 30, was looking to part with some of it.

POSTED: Wednesday, October 29, 2008, 3:35 PM

For those who like their leading economic indicators local, the Federal Reserve Bank of Philadelphia tracks them for Pennsylvania, New Jersey and Delaware.

The numbers released today are not good for Pennsylvania. The Fed says the state's leading index has been negative for 14 months in a row. The trend "suggests contraction in the state's economy" through the second quarter of 2009.

In New Jersey, the trend is no growth through next year's second quarter, and Delaware's small economy is facing contraction.

POSTED: Wednesday, October 29, 2008, 3:01 PM
Filed Under: Manufacturing

Rohm & Haas Co. shareholders today voted overwhelmingly in favor of Dow Chemical Co.'s $78-per-share offer to buy the Philadelphia specialty chemical company.

Do the math. Rohm & Haas' shares are trading for around $68 today. Dow is offering $10 more. So the approval should come as no surprise.

Of the 195 million shares outstanding, 87 percent were voted, Rohm & Haas said. And of the votes cast, more than 99 percent of them were in favor of the deal.

POSTED: Wednesday, October 29, 2008, 2:25 AM
Filed Under: Investing, Markets

The markets showed yesterday that they can still blast off as well as blow up.

No one can say exactly why the market rises or falls in a given day. Traders, money managers and market watchers will all give you their take on the action.

But any trading session is the sum of millions of investment decisions by thousands of participants.

POSTED: Tuesday, October 28, 2008, 2:25 AM

Last week, I spoke to a group of 30 middle school students about what’s been going on with the U.S. economy, the credit crisis and the massive federal efforts to address both.

The seminar teachers at Haverford Middle School wanted to bring home the historic events of the last few weeks to their students.

The textbooks on this financial disaster haven’t been written yet. As an observer of the swirl of government rescues, market swings and bank takeovers, I can’t think of a better time to have a discussion about our economy and economics in general.

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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