Daily Business Report-June 17, 2013
Johnson & Johnson Acquiring Aragon Pharmaceuticals for $1 Billion
Aragon Pharmaceuticals Inc. of San Diego, a firm that develops drugs for hormone-driven cancers, is being acquired by Johnson & Johnson for $650 million in cash plus $350 million in milestone payments that would bring the total transaction to $1 billion. The acquisition includes Aragon’s androgen receptor antagonist program, including its most advanced compound, ARN-509, a second generation androgen receptor signaling inhibitor that is currently being evaluated in a Phase II trial in patients with castration-resistant prostate cancer.
Under the agreement, Aragon will spin off an independent corporation called Seragon Pharmaceuticals, which will be focused on Aragon’s Selective Estrogen Receptor Degrader (SERD) platform. Seragon will be based in San Diego. Richard Heyman, CEO of Aragon, will become Seragon’s CEO. Johnson & Johnson, according to the agreement, will not have an ownership stake in Seragon nor retain any rights to its technology or product development pipeline.
Carlsbad’s Ocean Terrace Corporate Center Sold
BBL Commercial Real Estate has acquired Ocean Terrace Corporate Center, a four-building, Class A office park in Carlsbad, from Regent Properties. The purchase price was not disclosed. It was the company’s third major San Diego County acquisition in the past six months. Ocean Terrace, located at 5740-5770 Fleet St., was built in 2000 and sits on two hilltop parcels totaling 11.5 acres.
Currently 77 percent leased, Ocean Terrace is home to a variety of tenants including Jenny Craig Corporate Headquarters; Invensys Systems, Island Restaurants, BVK Direct Inc., and Farmers Insurance Exchange. The buyer and seller in the transaction were represented by Cassidy Turley San Diego.
Premiering: ‘The Resurgence of Manufacturing in the United States’
UCSD-TV will be premiering “The Resurgence of Manufacturing in the United States” tonight at 8 o’clock. The program is an enlightening discussion led by UC San Diego’s Peter Cowhey with Qualcomm CEO Paul Jacobs, Vizio CEO Willliam Wang, former Gateway CEO Ted Waitt and journalist James Fallows. They will address strategies centered on bringing manufacturing jobs to the United States while keeping their companies competitive globally. For a full schedule of future air dates, visit www.ucsd.tv/schedule.
HD Digital Video Camera Shootout
SD Media Pros, a group affiliated with Media Communications Association-International, will sponsor a camera “Shoot-Out” on June 26 featuring a live display of professional digital video cameras. The 6 p.m. event will be held at Pixel Productions, 6875 El Cajon Blvd., in San Diego. The sponsors said the event will give attendees the opportunity to view the image quality and technical features of a variety of different digital cameras. Cameras from Sony, Panasonic, Canon, JVC and RED will be featured, and experienced camera technicians will provide demonstrations. Admission is free to SD Media Pros members and $15 for nonmembers. Admission at the door is $20.
Ernst & Young Announce Entrepreneur of the Year Award Winners
Ernst & Young announced the Ernst & Young Entrepreneur of The Year 2013 award winners in San Diego, which recognizes outstanding high-growth entrepreneurs who demonstrate excellence and extraordinary success. The winners:
Business Services category: Adconion Direct, San Diego – Kim Reed Perell, CEO.
Technology category: ecoATM, San Diego – Tom Tullie, CEO and chairman of the board.
Consumer Products & Services category: LifeProof, San Diego – Gary Rayner, former CEO.
Life Sciences category: Santarus Inc., San Diego – Gerald Proehl, president and CEO.
Medical Products & Services category: SkinMedica, Carlsbad – Mary Fisher, former CEO.
Family Business category: The Wheat Group Inc., San Diego – Kelly Grismer, president and Chad Grismer, CEO.
Four Things to Know About San Diego’s New Planning Director
In his campaign and since taking office, Mayor Bob Filner promised a City Hall focused on improving quality of life in San Diego’s neighborhoods.
On June 11, he hired the man whose job it’ll be to make that happen.
Bill Fulton, former mayor of Ventura, nationally recognized sustainable development expert and the author of the pre-eminent textbook on planning in California — is the new head of the city’s planning department. Filner’s calling it the Planning and Neighborhood Restoration department. Fulton’s hire will also allow Filner to make good on his promise to separate the city’s planning division from the Development Services Department, after they were consolidated by Mayor Jerry Sanders. Kelly Broughton, the leader of that department, has left and has been replaced on an interim basis by Tom Tomlinson, former facilities financing program manager.
Now, development services will focus on issuing permits and enforcing code violations. Planning will evaluate the merit of major development proposals and steer the city’s long-term growth.
Four things you need to know about the guy responsible for implementing large chunks of Filner’s vision for the city: www.voiceofsandiego.org/2013/06/11/four-things-to-know-about-san-diegos-new-planning-director
Tetra Tech E.M.
Tetra Tech E.M. Inc., San Diego, won a federal contract valued at up to $100 million from the U.S. Naval Facilities Engineering Command, San Diego, for environmental remediation services at NAVFAC Southwest and Atlantic area of responsibility.
Glory Supply Inc.
Glory Supply Inc., San Diego, won a $75,331.11 federal contract from the U.S. Army, Seaside, Calif., for kitchen wares.
Dion International Trucks
Dion International Trucks LLC, San Diego, won a $70,788.25 federal contract from the Defense Logistics Agency’s Defense Supply Center, Columbus, Ohio, for vehicular lock assemblies.
Eddy Pump Corp.
Eddy Pump Corp., El Cajon, won a $45,000 federal contract from the U.S. Naval Supply Systems Command, Mechanicsburg, Pa., for the repair of centrifugal pumps.