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GSK to expand in Cambridge

The headquarters of GSK in London, U.K.Luke MacGregor/Bloomberg


GSK to expand in Cambridge

GSK, the British pharmaceutical giant formerly known as GlaxoSmithKline, is expanding in Cambridge’s Alewife neighborhood with a 155,000-square-foot lease at 200 CambridgePark Drive. GSK already occupies more than 40,000 square feet in the building, bringing its total footprint to around 200,000 square feet starting next year. “We have enjoyed a long-standing relationship with GSK and are excited to support their increasing footprint in the Cambridge area with this lease,” said Chris Rouches, managing director at King Street Properties, which bought 200 Cambridge Park Drive in 2014. “The Cambridge market is tight on space, but we were able to provide GSK with the appropriate space to expand their lab facilities to continue to advance science and develop innovative products.” The six-story building at 200 Cambridge Park Drive spans 222,000 square feet and is fully leased. — CATHERINE CARLOCK



Greentown Labs and Vineyard Wind launch accelerator for startups

Greentown Labs and Vineyard Wind have teamed up to launch an accelerator program for startups aimed at developing innovative technologies for monitoring offshore turbines, improving their efficiency and longevity, or collecting related ecological data. The goal of the accelerator, called Go Energize 2023, is to reduce future barriers for the nation’s nascent offshore wind industry; the Vineyard Wind project, planned for waters south of Martha’s Vineyard, would be the country’s first utility-scale offshore wind project. Startups selected for the six-month program, supported in part by services provided by the quasipublic Massachusetts Clean Energy Center, will each get a $70,000 stipend as well as access to mentorship and networking opportunities. Greentown Labs, based in Somerville, runs similar programs to spur innovation in manufacturing, transportation, buildings, and food and agriculture. The cleantech incubator expects four to six startups to be selected for the Go Energize 2023 program. — JON CHESTO


Fidelity acquires a fintech company

Fidelity Investments on Tuesday said it has acquired Shoobx, a fintech firm that helps privately held startups manage paperwork including preparations for initial public offerings. Fidelity did not disclose the purchase price. Shoobx joins Fidelity’s stock plan services business, which provides equity compensation plan recordkeeping and administration to nearly 700 companies. Shoobx got its start in the Boston area in 2013 and was founded by chief executive Jason Furtado and chief technology officer Stephan Richter. — JON CHESTO


Corey Thomas in the downtown offices of Rapid7 on Dec. 3, 2015. Lane Turner/Globe Staff


CEO of Rapid7 named chair of Boston Fed board

The Federal Reserve Bank of Boston said Tuesday that Corey Thomas, chief executive of Rapid7, has been appointed chair of its board of directors. Roger Crandall, chief executive of MassMutual, has been appointed deputy chair, and Lizanne Kindler, chief executive of Talbots, has been appointed a Class C director. In addition, Ronald O’Hanley, chief executive of State Street, has been elected a Class A director, and Meghan Hughes, president of Community College of Rhode Island, has been elected a Class B director. Each regional Reserve Bank has nine directors: three Class A directors elected by member banks to represent them; three Class B directors, also elected by member banks, to represent the public; and three Class C directors, chosen by the Federal Reserve in Washington, to represent the public with special consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. — LARRY EDELMAN


Even with tech layoffs, software developer is still a top job

Software developer clinched the top spot of US News & World Report list of the best jobs of 2023, up from the No. 5 spot last year — despite high-profile layoffs at major tech players like Meta Platforms Inc., Salesforce, and Amazon. US News analyzed data from the Bureau of Labor Statistics to rank jobs by hiring demand, growth, median salary, employment rate, future job prospects, stress level, and work-life balance. Though the outlook may have darkened somewhat for software developers in the tech sector, opportunities are still plentiful outside the Bay Area. — BLOOMBERG NEWS



Bed Bath & Beyond continues its slide, maybe into bankruptcy

Bed Bath & Beyond reported a wider net loss than expected on Tuesday, underscoring the likelihood of a bankruptcy filing within the next couple of months by one of the largest US home-goods retailers. The beleaguered retailer said its net loss widened to $393 million in the three months that ended Nov. 26. Just last week, the company had said it expected to report a net loss of $386 million. Last week, the retailer said bankruptcy was a possibility. — BLOOMBERG NEWS

In this photo illustration, a flipped version of the Coinbase logo is reflected in a mobile phone screen on Nov. 9, 2021 in London, England.Leon Neal/Photographer: Leon Neal/Getty Im


Coinbase lays off 20 percent of workforce

Cryptocurrency trading platform Coinbase is cutting approximately 20 percent of its workforce, or about 950 jobs, in a second round of layoffs in less than a year. The company cited adverse economic conditions and disruptions within cryptocurrency markets. Bitcoin has plunged almost 60 percent over the past year and a volatile year got worse in late 2022 with the collapse of cryptocurrency exchange FTX. — ASSOCIATED PRESS


Amazon expands Prime program to other websites

Amazon is expanding a program that lets Prime subscribers use the company’s speedy delivery service when shopping on other websites. Introduced in April by invitation only, “Buy With Prime” will be generally available in the United States by the end of the month, according to Amazon. Pointing to the enduring power of the Prime membership program, the company said the number of customers who bought a product after clicking on it increased 25 percent on sites using the service. — BLOOMBERG NEWS



British satellite launch fails

The failed attempt to launch satellites into space from Britain for the first time has dealt a harsh blow to the country’s emerging space program. Britain’s space-business community was full of optimism Monday, with a ticket-paying crowd looking on as a modified Boeing 747 carrying a rocket stuffed with nine satellites took off from an airport in Cornwall in southwest England. The rocket successfully separated from the plane and fired its first-stage engine. But, at a speed of more than 11,000 mph, the rocket “experienced an anomaly, ending the mission prematurely,” according to Virgin Orbit, the California-based company behind the launch. — NEW YORK TIMES

Pedestrians wearing protective masks walk past a Party City store in San Francisco, California on Sept. 22, 2020.David Paul Morris/Bloomberg


Party City could be headed for bankruptcy

Party City has sought funding for a potential Chapter 11 bankruptcy, according to people with knowledge of the preparations. Known for selling balloons and other festive supplies, Party City has been squeezed by higher costs of goods and shipping as well as a helium shortage. Sales during the critical Halloween period disappointed investors. — BLOOMBERG NEWS


Maine lobstermen must now report their catches

Fishermen in the largest lobster fishing state in the country must now report what they catch to authorities. Few lobster fishermen in Maine were required to report catch until this year. That made Maine the only state that harvests lobster that did not require full reporting, the Portland Press Herald reported. On Jan. 1 the fishermen started having to report the data to the state and the regulatory Atlantic States Marine Fisheries Commission. — ASSOCIATED PRESS



World’s Best list coming this year

The World’s 50 Best lists are famous for turning a restaurant like Noma into an international phenomenon after it was crowned No. 1 in the world in 2010. Now the company that has become a kingmaker for the globe’s top restaurants and bars is preparing to do the same for hotels. The inaugural list of the World’s 50 Best Hotels will be released at a ceremony in September. — BLOOMBERG NEWS