Daily Business Report — Dec. 29, 2009
Ligand Completes Acquisition of Neurogen Corp.
Ligand Pharmaceuticals Inc. has completed the acquisition of Neurogen Corp. following approval of the transaction by Neurogen stockholders on Monday. As a result, Ligand gains a fully funded partnership with Merck & Co., additional pipeline assets, drug discovery resources and additional cash balances. “This acquisition, our second in the last 12 months, demonstrates our ability to consolidate companies in a way that provides significant potential upside value for shareholders of both firms,” said John Higgins, president and CEO.
Ligand issued 4.2 million shares of Ligand common stock and $600,000 in cash to Neurogen stockholders. Ligand will gain $7.4 million net in cash from this transaction, after taking into account the $600,000 paid to Neurogen shareholders at closing. Reflecting the acquisition of Neurogen, Ligand projects having more than $50 million in cash at the close of 2009.
Commercial Real Estate Trends Forecast- 2010
CREW (Commercial Real Estate Women) San Diego will host its annual Commercial Real Estate Trends Forecast at the Sheraton La Jolla, located at 3299 Holiday Court, San Diego, on Jan. 20 from 11:30 a.m. to 1:30 p.m. The luncheon will feature Joseph Quinlan, managing director and chief market strategist with Bank of America, Private Wealth Management. Quinlan is in charge of developing, communicating and executing the bank’s overall domestic and global investment strategy. He is a senior fellow at the Paul H. Nitze School of Advanced International Studies of John Hopkins University; a senior fellow at the German Marshal Fund in Brussels; and a fellow on U.S.-Asian Affairs at the Pacific Council on International Policy in Los Angeles. The cost to attend is $45 for members, $35 for legacy members and $65 for nonmembers. Deadline to register is Jan. 18. Registration for the luncheon begins at 11:30 a.m. and the program begins at noon. To register, visit crewsandiego.org.
The Current Lending Environment
A panel discussion on the state of capital markets will be staged Jan. 12 sponsored by the Urban Land Institute San Diego/Tijuana. It will be held from 7:30 to 9 a.m. at the University Club, 750 B St., in Downtown San Diego. Panelists will be Jeff Friedman, Mesa West Capital; Maria Kunac, Embarcadero Bank; and Tim Wright, Holliday, Fenoglio & Fowler. Tony Pauker of City Ventures, will serve as the moderator. Discussion will focus on the state of capital markets — who is actually lending in commercial real estate today, as well as the opportunities that exist to finance deals. The cost is $40 for ULI members, $50 for nonmembers and $25 for students. To register, call (800) 321-5011or visit ulisd.org.
Nonprofit Governance Symposium Set for Jan. 8-9
Local charities and nonprofit organizations can learn the secrets to success at the sixth annual Nonprofit Governance Symposium at the University of San Diego on Jan. 8-9. “The Joy of Governance: It Takes More than a Recipe” is the theme of this year’s event. It will be held at USD’s Joan B. Kroc Institute for Peace & Justice and will offer workshops, guest lecturers and networking opportunities. “Nonprofits are facing declining donations, reduced budgets and increased demand for their services,” said Pat Libby, director of USD’s Institute for Nonprofit Education and Research. “Like great chefs, successful nonprofit leaders need passion, talent, skill, imagination and flexibility.” Top executives, foundation leaders and board members from private and public boards and commissions are all encouraged to attend the symposium. Workshop topics include the latest strategies to cope with the recession in fund-raising, budgeting and event planning, along with financial literacy for nonprofits and risk management and legal issues.
Participants also will hear from two community leaders and philanthropists, Judy McDonald, president of The Parker Foundation board, and Darlene Marcos Shiley, chair of USD’s Board of Trustees. The conference also will award the fourth Kaleidoscope Award for Exceptional Governance to an outstanding local nonprofit organization. USD’s Institute for Nonprofit Education and Research is sponsoring the event along with Bank of America, Moss Adams LLP and U.S. Bank. Registration is at sandiego.edu/nonprofit/symposium. Call (619) 260-7442 for more information.
SAIC Awarded $10 Million Contract
Science Applications International Corp. has been awarded a contract by the U.S. Air Force Global Strike Command (AFGSC) to provide requirements assessment, strategic planning and programming support. The contract has a one year base period of performance, a single one-year option, and a total value of more than $10 million if the option is exercised. Work will be performed primarily at Barksdale Air Force Base in Shreveport, La. AFGSC is a new major command that will assume control of the nation’s intercontinental ballistic missile and strategic bomber forces. Its activation is part of a broad, comprehensive strategy the Air Force is undertaking to ensure they have the proper focus on our critical missions that provide nuclear deterrence and global strike forces for the combatant commander, the joint team and allies.
NASSCO Receives $7 Million Contract
National Steel and Shipbuilding Co. was awarded a $7 million federal contract modification by the U.S. Naval Sea Systems Command for system design efforts associated with the Mobile Landing Platform Program. (Source: Targeted News Service)
Qualcomm Inc. COO Resigns
Len Lauer, chief operating officer at Qualcomm Inc., has resigned to accept a CEO role at another company. The other company was not identified in Qualcomm’s announcement. The company said Lauer’s leaving will give the firm the opportunity to re-align its business groups. As a result, the Qualcomm MEMS Technologies organization will now report to Steve Mollenkopf, president of Qualcomm CDMA Technologies.
Stephen Friedman Joins Regents Bank
Regents Bank has added Stephen Friedman as senior vice president to its Carlsbad office. Prior to joining Regents Bank, Friedman was a senior vice president/relationship manager at CommerceWest Bank, which merged with Discovery Bank in July 2009, and a vice president of corporate banking with Bank of Boston (now Bank of America). He also served as chief financial officer of the Bruegger’s Corp., chief financial officer of Westwind Group and president and owner of Jody’s Baking Co.
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