August 6, 2007
Newsbriefs
Biomedical
Sepracor sues Indian drugmaker for patent infringement
MARLBOROUGH - Drugmaker Sepracor, along with the University of Massachusetts, has filed a patent infringement lawsuit in the U.S. District Court of New Jersey against Indian generic drugmaker Glenmark Pharmaceuticals. The suit was filed on July 20. At issue is Glenmark's application to the FDA to market a generic version of Sepracor's allergy medication Clarinex. For the second quarter of 2007, Sepracor reported a 44 percent drop in profits to $6.4 million. The company has recently extended its lease at 33 Locke Dr. in Marlborough to 57,477 square feet on two floors. The building's landlord is the Northland Investment Corp. Sepracor's headquarters are at another location in Marlborough. The company has both office and chemistry lab space in the two-story, brick and glass Locke Drive building.
Hologic has been drinking its milk
BEDFORD - Despite a nearly 20 percent decline in osteoporosis assessment revenues, Bedford-based Hologic Inc., a diagnostic and digital imaging systems company specializing in women's health that recently announced a pending acquisition of Cytyc Corp. in Marlborough, posted a 60 percent increase in third quarter revenues this year, the company said today. Hologic brought in $191,505,000 in the third quarter, up from $119,685,000 during the same time last year. Net income rose 104 percent to $28.7 million during the most recent quarter, up from $14.1 million a year ago. The company's net income for the third quarter excluded $5.4 million in stock-based compensation and debt payment charges, the company said.
Real Estate & Development
Despite vacancy, industrial market stable
Commercial real estate broker Richards Barry Joyce & Partners says the market for warehouse and manufacturing properties is stable despite relatively high vacancy during the second quarter. According to an RBJ industrial market status report, vacancy among warehouse properties along I-495 stood at 17.1 percent at the end of the second quarter. Contributing to that rate was a 21.3 percent vacancy rate around what RBJ calls the western section of I-495. Manufacturing properties around I-495 were 22.5 percent vacant by the end of the quarter, RBJ said, with the I-495 South claiming 35.6 percent vacancy.
Award for saving UMass facade
WORCESTER -- Boston architect Payette has won a design award from the American Institute of Architects of Central Massachusetts and Preservation Worcester for the façade replacement at the University of Massachusetts Medical School and Medical Center in Worcester. The competition was intended to honor adaptive reuse, restoration and preservation projects. The university's school and hospital building was built in the 1970s in two phases by two different design teams. The building was only minimally insulated, and had no waterproofing. It was also difficult for people to find their way around the place. The redesign and rebuilding of the façade was prompted by the old façade's failure. The old façade was in danger of falling. Payette also has projects at Columbia University, the Massachusetts Institute of Technology and Harvard University.
Nursery sells 742 acres for more than $25M
HOPKINTON -- Weston Nurseries Inc. of Hopkinton today sold 709 acres to Boulder Capital, a prominent real estate development firm. The sale comes after lengthy, often contentious discussions between the nursery's owning Mezitt family, Hopkinton town officials and community members. Also today, the nursery announced it had emerged from bankruptcy. In a second deal, the town of Ashland purchased approximately 33 acres of land from the company. The two land sales totaled "collectively, a little more than $25 million," said Gary Furst, until today, the company's president and CEO. With the company out of bankruptcy, several leadership changes have taken place to ensure Weston Nurseries' continued growth and success, the company said. Furst has stepped down as president and chief executive officer, and has assumed the role of chairman. Peter Mezitt, the company's general manager, is now president. Wayne Mezitt purchased his brother, Roger Mezitt's shares in the company, and is now the nursery's sole owner and treasurer. David Pearce will continue to serve as chief operating officer and chief financial officer.
Economic Indicators
Economy being pulled in opposite directions
For the rest of the year, the state's economy is expected to continue to expand at a pace of about 3 percent, according to the latest Mass Benchmarks Bulletin put out by the University of Massachusetts Donahue Institute. Strength in the state's technology, science, knowledge, and health sectors will be partially offset by weakness in residential real estate, according to the bulletin. Despite improvements in some recent housing market indicators, such as rises in median prices and declines in inventory of unsold homes, the market has not hit bottom yet, according to the bulletin. Prices are expected to fall further and mortgage delinquencies and defaults are likely to rise as the peak of the subprime lending crisis approaches.
High Tech
Online gaming tool wins recognition
FRAMINGHAM - Vivox Inc., a provider of integrated voice service products for online gaming, has been chosen by online blogging community AlwaysOn as one of the AO 100 Top Private Companies for 2007. Vivox and the remaining 99 winners were honored at the AlwaysOn Stanford Summit, held at Stanford University in California. In order to be eligible for the AO 100 list, companies had too be peer-nominated. AlwaysOn received more than 1,000 nominations from venture investors, investment bankers and industry experts, the company said.
Manufacturing
Cognex scans for impropriety
NATICK - More than $1 million in "improper orders" at a Japanese subsidiary have prompted Natick-based Cognex Corp. to delay the filing of its second quarter earnings report. The company said it noticed the "irregular" transactions, and alerted its audit committee, which found improper orders from the fourth quarter of 2006 and the first quarter of 2007. The improper 2006 transactions generated revenue of about $757,000 for the company. The first quarter 2007 transactions brought in about $303,000 in revenue, the company said. All told, the transactions resulted in about $677,000 in net income for the company. The company also said it would reverse a $400,000 order announced last month for its DataMan handheld ID readers.
Insurance & Financial Services
Westborough Bank shareholders approve merger
WESTBOROUGH - Shareholders of Westborough Bank approved its merger with the Assabet Valley Bancorp today. Under the deal, Westborough's stockholders will get $35 per share. There are currently 1.6 million Westborough Bank shares outstanding. The total value of the deal is $20.6 million. The state commissioner of banks is expected to issue an opinion on the merger by August 9. Also August 9, a Worcester Superior Court judge is expected to rule on a class-action lawsuit that seeks to stop the merger. The merger would result in Assabet becoming a holding company for a bank with a new name that has yet to be determined. The new bank would be a combination of Westborough Bank and Hudson Savings Bank, which is owned by Assabet. The deal had been protested by two activist investors, who made higher counter offers which were rebuffed.
Media
Publisher pushes into Charlton, Sturbridge
Stonebridge Press Newspapers is pushing new weekly publications into Charlton, Sturbridge, Brimfield, Holland and Wales. The Southbridge-based publisher said the weekly Charlton Villager would begin arriving in mailboxes in the Charlton area Friday. Also Friday, mailboxes in Sturbridge, Brimfield, Holland and Wales will be stuffed with the weekly Sturbridge Villager. The total combined circulation of the two new papers is 12,000, according to the company. Stonebridge also publishes the daily Southbridge Evening News, weekly "Villager" papers in northeastern Connecticut and six weekly papers in south central Massachusetts. Stonebridge also owns Salmon Press Newspapers, which publishes 11 weekly papers in New Hampshire.
News briefs are compiled from staff and wire reports.
Sepracor sues Indian drugmaker for patent infringement
MARLBOROUGH - Drugmaker Sepracor, along with the University of Massachusetts, has filed a patent infringement lawsuit in the U.S. District Court of New Jersey against Indian generic drugmaker Glenmark Pharmaceuticals. The suit was filed on July 20. At issue is Glenmark's application to the FDA to market a generic version of Sepracor's allergy medication Clarinex. For the second quarter of 2007, Sepracor reported a 44 percent drop in profits to $6.4 million. The company has recently extended its lease at 33 Locke Dr. in Marlborough to 57,477 square feet on two floors. The building's landlord is the Northland Investment Corp. Sepracor's headquarters are at another location in Marlborough. The company has both office and chemistry lab space in the two-story, brick and glass Locke Drive building.
Hologic has been drinking its milk
BEDFORD - Despite a nearly 20 percent decline in osteoporosis assessment revenues, Bedford-based Hologic Inc., a diagnostic and digital imaging systems company specializing in women's health that recently announced a pending acquisition of Cytyc Corp. in Marlborough, posted a 60 percent increase in third quarter revenues this year, the company said today. Hologic brought in $191,505,000 in the third quarter, up from $119,685,000 during the same time last year. Net income rose 104 percent to $28.7 million during the most recent quarter, up from $14.1 million a year ago. The company's net income for the third quarter excluded $5.4 million in stock-based compensation and debt payment charges, the company said.
Real Estate & Development
Despite vacancy, industrial market stable
Commercial real estate broker Richards Barry Joyce & Partners says the market for warehouse and manufacturing properties is stable despite relatively high vacancy during the second quarter. According to an RBJ industrial market status report, vacancy among warehouse properties along I-495 stood at 17.1 percent at the end of the second quarter. Contributing to that rate was a 21.3 percent vacancy rate around what RBJ calls the western section of I-495. Manufacturing properties around I-495 were 22.5 percent vacant by the end of the quarter, RBJ said, with the I-495 South claiming 35.6 percent vacancy.
Award for saving UMass facade
WORCESTER -- Boston architect Payette has won a design award from the American Institute of Architects of Central Massachusetts and Preservation Worcester for the façade replacement at the University of Massachusetts Medical School and Medical Center in Worcester. The competition was intended to honor adaptive reuse, restoration and preservation projects. The university's school and hospital building was built in the 1970s in two phases by two different design teams. The building was only minimally insulated, and had no waterproofing. It was also difficult for people to find their way around the place. The redesign and rebuilding of the façade was prompted by the old façade's failure. The old façade was in danger of falling. Payette also has projects at Columbia University, the Massachusetts Institute of Technology and Harvard University.
Nursery sells 742 acres for more than $25M
HOPKINTON -- Weston Nurseries Inc. of Hopkinton today sold 709 acres to Boulder Capital, a prominent real estate development firm. The sale comes after lengthy, often contentious discussions between the nursery's owning Mezitt family, Hopkinton town officials and community members. Also today, the nursery announced it had emerged from bankruptcy. In a second deal, the town of Ashland purchased approximately 33 acres of land from the company. The two land sales totaled "collectively, a little more than $25 million," said Gary Furst, until today, the company's president and CEO. With the company out of bankruptcy, several leadership changes have taken place to ensure Weston Nurseries' continued growth and success, the company said. Furst has stepped down as president and chief executive officer, and has assumed the role of chairman. Peter Mezitt, the company's general manager, is now president. Wayne Mezitt purchased his brother, Roger Mezitt's shares in the company, and is now the nursery's sole owner and treasurer. David Pearce will continue to serve as chief operating officer and chief financial officer.
Economic Indicators
Economy being pulled in opposite directions
For the rest of the year, the state's economy is expected to continue to expand at a pace of about 3 percent, according to the latest Mass Benchmarks Bulletin put out by the University of Massachusetts Donahue Institute. Strength in the state's technology, science, knowledge, and health sectors will be partially offset by weakness in residential real estate, according to the bulletin. Despite improvements in some recent housing market indicators, such as rises in median prices and declines in inventory of unsold homes, the market has not hit bottom yet, according to the bulletin. Prices are expected to fall further and mortgage delinquencies and defaults are likely to rise as the peak of the subprime lending crisis approaches.
High Tech
Online gaming tool wins recognition
FRAMINGHAM - Vivox Inc., a provider of integrated voice service products for online gaming, has been chosen by online blogging community AlwaysOn as one of the AO 100 Top Private Companies for 2007. Vivox and the remaining 99 winners were honored at the AlwaysOn Stanford Summit, held at Stanford University in California. In order to be eligible for the AO 100 list, companies had too be peer-nominated. AlwaysOn received more than 1,000 nominations from venture investors, investment bankers and industry experts, the company said.
Manufacturing
Cognex scans for impropriety
NATICK - More than $1 million in "improper orders" at a Japanese subsidiary have prompted Natick-based Cognex Corp. to delay the filing of its second quarter earnings report. The company said it noticed the "irregular" transactions, and alerted its audit committee, which found improper orders from the fourth quarter of 2006 and the first quarter of 2007. The improper 2006 transactions generated revenue of about $757,000 for the company. The first quarter 2007 transactions brought in about $303,000 in revenue, the company said. All told, the transactions resulted in about $677,000 in net income for the company. The company also said it would reverse a $400,000 order announced last month for its DataMan handheld ID readers.
Insurance & Financial Services
Westborough Bank shareholders approve merger
WESTBOROUGH - Shareholders of Westborough Bank approved its merger with the Assabet Valley Bancorp today. Under the deal, Westborough's stockholders will get $35 per share. There are currently 1.6 million Westborough Bank shares outstanding. The total value of the deal is $20.6 million. The state commissioner of banks is expected to issue an opinion on the merger by August 9. Also August 9, a Worcester Superior Court judge is expected to rule on a class-action lawsuit that seeks to stop the merger. The merger would result in Assabet becoming a holding company for a bank with a new name that has yet to be determined. The new bank would be a combination of Westborough Bank and Hudson Savings Bank, which is owned by Assabet. The deal had been protested by two activist investors, who made higher counter offers which were rebuffed.
Media
Publisher pushes into Charlton, Sturbridge
Stonebridge Press Newspapers is pushing new weekly publications into Charlton, Sturbridge, Brimfield, Holland and Wales. The Southbridge-based publisher said the weekly Charlton Villager would begin arriving in mailboxes in the Charlton area Friday. Also Friday, mailboxes in Sturbridge, Brimfield, Holland and Wales will be stuffed with the weekly Sturbridge Villager. The total combined circulation of the two new papers is 12,000, according to the company. Stonebridge also publishes the daily Southbridge Evening News, weekly "Villager" papers in northeastern Connecticut and six weekly papers in south central Massachusetts. Stonebridge also owns Salmon Press Newspapers, which publishes 11 weekly papers in New Hampshire.
News briefs are compiled from staff and wire reports.
WBJ Web Partners
Most Recent
Most Recent
0 Comments