fb-pixel

BIOPHARMA

Baxalta to stay in Cambridge

The top executive at drug maker Shire PLC said he expects to keep the newly opened Baxalta research center in Cambridge after Shire completes its $32 billion buyout of Baxalta. A final decision won’t be made until this summer, after the acquisition is approved by regulators and shareholders of both companies, Shire chief executive Flemming Ornskov said in an interview Thursday. But he said an integration team consisting of representatives from both companies has already begun meeting at the Cambridge site and at Shire’s US headquarters in Lexington. Shire, which is based in Ireland, has more than 2,300 employees and 1.1 million square feet of office and lab space in Lexington, where Ornskov himself is based. Baxalta, formerly the biopharma arm of Baxter, is based outside Chicago but last year opened the Cambridge research center that employs more than 500 people working on cancer and immune therapies and business development functions. — ROBERT WEISMAN

STARTUPS

Emulate to open new headquarters in Seaport

Emulate Inc., a startup that makes a computer microchip lined with living cells to test whether experimental drugs are effective, will be opening a new headquarters and lab space Friday in Boston’s Seaport District. The company, which was spun out of Harvard University’s Wyss Institute for Biologically Inspired Engineering, will move 40 employees to the Seaport from a temporary site in Cambridge. It plans to expand to 85 employees in the coming year. The company is working with collaborators, including drug makers Merck & Co. and Johnson & Johnson Innovation, to develop and commercialize its technology. — ROBERT WEISMAN

Advertisement



BIOTECH

Aegerion to cut 80 jobs

Cambridge biotech Aegerion Pharmaceuticals Inc. said it is eliminating 80 jobs, about 25 percent of its workforce, as part of a cost-cutting push. The move, which will affect all major departments, will leave about 230 employees at the 11-year-old company, which develops treatments for rare diseases. Aegerion said in a statement that the cuts are an effort to conserve cash and reduce expenses in the face of increased competition. In particular, it cited the introduction of rival therapies vying with its cholesterol-lowering drug Juxtapid, approved by US regulators in 2012. Mary Szela took the helm at Aegerion at the start of 2016 after the resignation of her predecessor, Marc Beer, who was scolded in a so-called warning letter from the Food and Drug Administration in 2013 for exaggerating Juxtapid’s benefits in a television appearance. — ROBERT WEISMAN

Advertisement



RETAIL

SJC says long battle in Greenfield can continue

The Massachusetts Supreme Judicial Court has ruled that a 23-year battle between a developer and residents of Greenfield concerned about the construction of a big-box store, believed to be a Walmart, will continue indefinitely. The high court ruled Thursday that the case would not be dismissed as requested by developer Greenfield Investors Property Development LLC, part of Ceruzzi Properties LLC, a New York holding company owned by Connecticut real estate magnate Louis Ceruzzi Jr. The court remanded the case to Housing Court, where it could be transferred to Land Court or Superior Court, where it should proceed “expeditiously,” the panel of judges ruled. The controversy dates to 1993, when a developer proposed a big-box store on the northern edge of town. — MEGAN WOOLHOUSE

BIOTECH

Proteostasis down 17 percent in first day of trading

Shares of Proteostasis Therapeutics Inc. were down 17 percent in their first day of trading Thursday on the Nasdaq exchange, closing at $6.64, a loss of $1.36. The Cambridge biotech raised $50 million in an initial public offering. Proteostasis, which is developing drugs to treat cystic fibrosis and other diseases, sold 6.25 million shares of common stock at a discounted price of $8 apiece in its IPO. The eight-year-old company’s IPO was the second this year for a Massachusetts biotech company, following the Editas Medicine market debut last week that raised $94.4 million. Two out-of-state biotechs, BeiGene Ltd. of China and AveXis Inc. of Bannockburn, Ill., have also gone public on the Nasdaq this month, representing the exchange’s only four IPOs so far in 2016. — ROBERT WEISMAN

Advertisement



FANTASY SPORTS

DraftKings acquires smaller competitor

DraftKings Inc. has acquired Kountermove, a smaller competitor that offered daily fantasy contests based on martial arts and boxing matches, amid swirling legal and regulatory questions about the future of the US fantasy sports market. Terms of the deal were not disclosed. The acquisition could help DraftKings grow its user base in what the company called “combat sports.” San Francisco-based Kountermove has about 30,000 registered users, while DraftKings said more than 200,000 users have tried its martial-arts fantasy contests. Kountermove’s three full-time employees will join DraftKings as part of the deal. Boston-based DraftKings and its chief rival, New York’s FanDuel Inc., have faced several months of legal setbacks from state regulators who question whether their cash-prize fantasy sports contests violate gambling laws. — CURT WOODWARD

INDUSTRY

GE public hearing delayed

When General Electric confirmed that it will move its headquarters to Boston, the company hinted that more information would come at a public briefing here on Feb. 18. But now the industrial conglomerate is postponing the big event until April. GE spokesman Seth Martin said the main reason for the delay is the need to properly coordinate all the important participants’ schedules. — JON CHESTO

Advertisement



BANKING

Morgan Stanley to pay $3.2 billion settlement

ALBANY, N.Y. — Morgan Stanley will pay $3.2 billion in a settlement over bank practices that contributed to the 2008 financial crisis, including misrepresentations about the value of mortgage-backed securities, authorities announced Thursday. The nationwide settlement, negotiated by the working group appointed by President Obama in 2012, says the bank acknowledges that it increased the acceptable risk levels for mortgage loans pooled and sold to investors without telling them. Loans with material defects were included, packaged into the securities and sold. — ASSOCIATED PRESS

INTERNATIONAL

Lagarde nominated to second IMF term

WASHINGTON — The International Monetary Fund has nominated managing director Christine Lagarde for a second five-year term. The IMF executive board said Thursday that Lagarde was the only candidate nominated. In 2011, Lagarde was named the IMF’s 11th managing director. She is the first woman to hold the position. Lagarde, 60, has led the multinational lending agency through the European debt crisis. — ASSOCIATED PRESS

MORTGAGE RATES

Rates fall for sixth week

WASHINGTON — Average long-term US mortgage rates fell this week for the sixth straight week as markets around the globe continued the whipsaw trading that has marked this year so far. Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage dropped to 3.65 percent this week, down from 3.72 percent last week and close to its low point last year of 3.59 percent. The average rate on a 15-year fixed-rate mortgage eased to 2.95 percent from 3.01 percent last week. — ASSOCIATED PRESS

Advertisement