GLAXO TO ACQUIRE CORIXA FOR $300 MILLION
Date: 30 April 2005
By Bloomberg News
Bloomberg News
GlaxoSmithKline, the European drug maker, said yesterday that it had agreed to purchase the Corixa Corporation for about $300 million to gain a component used in experimental vaccines. Glaxo agreed to pay $4.40 a share for Corixa, a 48 percent premium to Corixa's closing stock price on Thursday. The acquisition allows Glaxo to use Corixa's monophosphoryl liquid without paying royalties. The component is used in Glaxo's experimental Cervarix vaccine intended to prevent infections from the human papilloma virus. Shares of Corixa, which is based in Seattle, rose $1.13, or 37 percent, to $4.22 in after-hours trading.
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CALPINE UPDATES OUTLOOK AND SHARES CLIMB 23%
Date: 30 April 2005
By Bloomberg News
Bloomberg News
The Calpine Corporation, seeking to allay concerns that it might be pushed into bankruptcy, updated its financial outlook yesterday and said that it had $800 million in cash at the end of March, setting off a 23 percent gain in its share price. The amount is enough, when combined with planned asset sales and other financing, to allow the company, a power producer, to make its required debt and interest payments this year, Wall Street analysts said. Calpine, based in San Jose, Calif, said it expected to report a first-quarter loss of 38 cents a share, wider than the loss of 17 cents a share a year earlier. Calpine shares rose 34 cents, to $1.79.
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PROFIT JUMPS AT DOW CHEMICAL ON PRICE INCREASES
Date: 29 April 2005
By Bloomberg News
Bloomberg News
Dow Chemical Co says first-quarter earnings nearly tripled amid significant increases and solid volume in all sectors; income rose to $1.35 billion from $469 million year ago (S)
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LILLY SUSPENDS STUDY OF SEPSIS DRUG FOR CHILDREN
Date: 29 April 2005
By Bloomberg News
Bloomberg News
Eli Lilly & Co stopped study of its Xigris sepsis drug for children earlier this month after preliminary analysis showed medicine did not work and might increase risk of bleeding (S)
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STATOIL OF NORWAY TO BUY FIELDS IN GULF OF MEXICO
Date: 29 April 2005
By Bloomberg News
Bloomberg News
Statoil of Norway agrees to buy files
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MOODY'S CUTS CREDIT RATING FOR EASTMAN KODAK
Date: 30 April 2005
By Bloomberg News
Bloomberg News
The credit rating of the Eastman Kodak Company was cut to a level below investment grade by Moody's Investors Service yesterday because of the cost of shifting to digital imaging and the effects of competition from Japanese rivals. The rating on $2.4 billion in debt was cut one level to Ba1 and given a negative outlook, Moody's said. Standard & Poor's cut Kodak's rating to junk on April 22, when the company reported its second straight quarterly loss. Kodak, based in Rochester, must contend with ''relentless competition'' from Japanese digital camera makers, as well as manufacturers of digital camera phones worldwide, Moody's said.
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TWO EX-HOMESTORE EXECUTIVES FACE CRIMINAL CHARGES
Date: 29 April 2005
By Bloomberg News
Bloomberg News
US attorney's office in Los Angeles says
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VERIZON TO SHUT WI-FI ACCESS SPOTS IN NEW YORK CITY
Date: 30 April 2005
By Bloomberg News
Bloomberg News
Verizon Communications plans to shut public sites that provide high-speed wireless Internet access in New York City because of a lack of use. Verizon, which is based in New York, has begun shutting 380 so-called Wi-Fi hot spots in Manhattan and Brooklyn and will phase out the service over the next two months, the company said on Wednesday. The move lets Verizon concentrate on an expansion of a fee-based service provided by its mobile phone division, Verizon Wireless.
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