PBT Transcript (4/16/2008)

MIKE ARMSTRONG: Coming up: GlaxoSmithKline is feeling much better after the FDA approves its new migraine medicine. Rohm & Haas has plans for a new factory overseas. We’ll tell you where in the world they’re going. And with the focus on Philadelphia for tonight’s presidential debate, we talk with William Moore, CEO of the Independence Visitors Center. Philadelphia Business Today starts now.

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MIKE ARMSTONG: A big boost for Philadelphia’s GlaxoSmithKline and its partner Posen. The FDA has now approved their treatment for migraines. Called Treximet, the pill is a combination of Glaxo’s current migraine treatment, Imitrex, and the pain reliever, Niproxin. Sales of its migraine drugs were more than $1.5 billion in 2007, but Imitrex will face generic competition in 2009 and Glaxo needs Treximet to offset a projected loss in Imitrex sales.

Rohm & Haas will form a joint venture to produce a quarter million metric tons of acrylic acid and other products in . The venture with a Saudi Arabian company plans to begin production in 2011. Rohm & Haas will invest about $50 million for a 25% stake in the chemical venture.

Philadelphia has tried mightily to recast itself as a tourist destination that’s got more to offer than a cracked bell. The city used to have a visitors center near Love Park, but few tourists could find it. That changed with the 2001 opening of the Independence Visitors Center, near Independence Hall. We recently sat down with Visitors Center CEO William Moore and asked him to reflect on the changes, not just on the Mall, but throughout Philadelphia.

WILLIAM MOORE: When we opened this building in 2001, and I stood out front, it was dusty, you know, undeveloped…the Campbell Center wasn’t here, the Constitution wasn’t here, two new stadiums weren’t here, the number of places to eat out weren’t here, the number of other attractions in the area weren’t here. There wasn’t a lot to do. We still did over a million people in our second year. The very next year, we had, like, a 60% increase in attendance. The Campbell Center comes online, the Constitution Center starts to come online. Aside from my own personal experience, the- the- visitor gets it, they really, really get it. They’ve seen the advertising campaigns. They only go so far. But they’ve started to test the messages and they come down to the city and I’ve met people from all over the world, all over the United States who’ve said, “You know, I- I haven’t been to Philadelphia for ten years, fifteen years. It’s not like the same city. I’m blown away.” You know, they- The restaurant explosion has been just phenomenal. People come back and go, you know, this is amazing. This is like- you know, it’s a bargain, too, Tom, and I think that’s what makes part of the difference. You know, we may think that some of our restaurants are a little pricey. But, you know, you just go a little bit north or south and you understand what a great value we deliver for visitors. Same for the hotels.

MIKE ARMSTRONG: That’s it for today. Later this week, the Comcast Bill of Rights: what is it and what does it mean for you? At the Inquirer, I’m Mike Armstrong for Philadelphia Business Today.

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