Thursday, September 02, 1999
TRISTATE BUSINESS SUMMARY
P&G drops out of study to develop obesity drug
Regeneron Pharmaceuticals Inc., a biotechnology company, Wednesday said Procter & Gamble Co. pulled out of an agreement with the company to develop an obesity drug.
Regeneron said it will proceed on its own with more advanced tests of the experimental drug, Axokine, intended for diabetes and obesity. The company plans to begin in the first quarter the second of the three phases of testing required to seek U.S. approval next year.
Regeneron said patients who received higher doses of the drug reported nausea and vomiting. Some reported new outbreaks of cold sores related to infections contracted before the study. That finding helped spur P&G's decision.
Ashland's APAC unit acquires Texas firm
Ashland Inc.'s APAC highway construction unit has expanded in the Texas-Oklahoma region by acquiring Buster Paving Co. Inc. and three related companies.
Terms of the deal, APAC's 10th acquisition this year, weren't disclosed. Buster employs about 300. Charles Potts, APAC president, said the acquisition of the Sulfur Springs, Texas-based company was important because bridge and highway construction in northeast Texas and southeast Oklahoma region is expected to grow dramatically in the next few years.
Minority business group meets this morning
A minority business development meeting will be 7:30 to 9:30 a.m. today at Precision Industrial Automation, 3520 Ibsen Ave., Oakley.
The session is one of a monthly series by the Minority Business Development Group, which tries to link minority vendors and companies seeking to expand their use of minority suppliers.
Anthem's Lytle to retire; new chief executive named
L. Ben Lytle, chief executive officer of the Indianapolis-based Anthem Inc. mutual insurance company, said he will retire Oct. 22 after 23 years with the company.
Larry C. Glasscock, former president and chief executive of Blue Cross and Blue Shield of the National Capital Area, has been designated by Anthem's board to succeed Mr. Lytle.
Mr. Lytle will remain chairman of the board.
Fed approves merger of Firstar, Mercantile
The Federal Reserve on Wednesday approved the $10 billion merger of Firstar Corp. and Mercantile Bancorporation Inc.
The deal between Milwaukee-based Firstar and St. Louis-based Mercantile would create the Midwest's second-largest banking company with assets of $75 billion and 1,200 branches and offices in 13 states.
Firstar has more than doubled in size since Cincinnati's Star Banc Corp. completed its $8 billion acquisition of the bank in November. Star then adopted Firstar's name and moved its corporate headquarters to Milwaukee.
Lanvision reports loss, but shows improvement
Cincinnati-based Lanvision Systems Inc. reported a loss for the second quarter but showed continued improvement in its operating results for the first half of the year.
For the three-month period that ended July 31, Lanvision reported a net loss of $1.6 million, or 18 cents a share, compared with a net loss of $2.9 million, or 33 cents a share, in the second quarter last year.
Sales for the provider of electronic patient record systems fell about one-third to $2 million.
Some don't believe buzz on Beanies
'Must-have' toys of yesteryear
P&G expands in S. Korea to supply products in Asia
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: REAL ESTATE
COMMERCIAL REAL ESTATE
Armco locks out employees
Economic index climbs again
H&R Block buying Olde discount broker
TRISTATE MARKET SPOTLIGHT
