Daily Business Report-Sept. 29, 2014
State Sen. Marty Block (D-San Diego) authored the bill that Gov. Brown signed to allow up to 15 community college districts to offer one baccalaureate degree each in select workforce majors.
Governor Signs Bill Enabling Community
Colleges to Award Four-Year Degrees
Gov. Jerry Brown on Sunday signed into law a historic measure that for the first time enables a limited number of California community colleges to offer four-year degrees.
Senate Bill (SB) 850, authored by State Sen. Marty Block (D-San Diego), drew overwhelming bipartisan and business support because it addresses a growing need for the state to become more competitive in areas of high workforce demand.
The pilot program authorized under SB 850 allows up to 15 different community college districts to offer one baccalaureate degree each in select workforce majors starting on Jan. 1, 2015 and ending on July 1, 2023.
SB 850 stipulates that the four-year programs offered may not duplicate any currently available at the University of California or California State University. Regardless, the bill represents one of the most significant changes in the California Master Plan for Higher Education since its adoption in 1960. Until now, only the University of California and California State University systems could offer public, four-year degrees.
Programs which might be offered include dental hygiene, radiologic technology, health information science/infomatics, and automotive technology.
San Diego Community College District Chancellor Constance M. Carroll, who served on the state’s baccalaureate study group and has chaired the statewide coalition that provided advocacy for the passage of SB 850,
said some of the new four-year programs could be offered as early as the fall 2015 semester. Students enrolled in upper-division coursework will pay an additional $84 per unit fee — which is still less than fees paid by CSU students.
“This is landmark legislation that is a game changer for California’s higher education system and our workforce preparedness,” said Block. “SB 850 boosts the focus of our community colleges on job training and increasing the accessibility and affordability of our state’s higher education system.”
California now joins 21 other states that allow community colleges to offer four-year degrees.
Japanese Pharmaceutical Giant
Buys Local Biotec for $410 Million
Japanese pharmaceutical giant Daiichi Sankyo Co. announced today it will buy San Diego-based Ambit Biosciences in a deal worth $410 million.
Ambit’s cancer drug quizartinib is currently in phase 3 clinical trials among patients with acute myeloid Leukemia, or AML. The publicly traded company has other drugs in the pipeline for oncology, autoimmune and inflammatory diseases.
“Daiichi Sankyo is the ideal organization to take quizartinib to the next stage of development, and ultimately, to achieve our goal of making it available as quickly as possible to help as many AML patients as possible,” said Michael A. Martino, president and CEO ofAmbit. “This attractive offer to shareholders is a testament to the hard work and dedication of the Ambit team to our mission of developing innovative therapies for areas of high unmet medical need.”
Shareholders are to receive $15 per share in cash plus an additional payment of up to $4.50 for each share if certain commercialization milestones are achieved. Ambit’s board unanimously approved the acquisition.
“The acquisition of Ambit Biosciences further builds our presence in oncology to ensure we are delivering on our goal of providing world-class, innovative pharmaceuticals in core areas of unmet medical need,” said Daiichi Sankyo president and CEO Joji Nakayama. “Long-term success in oncology depends upon three pillars: fostering development of our in-house molecules, exploring mutually beneficial partnerships and executing strategic purchases, such as Ambit Biosciences.”
— Times of San Diego
National Manufacturing Day
Highlights Changing Economy
The “Made in China” label my be pervasive, but the high-tech U.S. manufacturing sector is growing and San Diego companies and institutions are lining up to show how on National Manufacturing Day this Friday.
More than 25 local companies from 3D Robotics to Taylor Guitairs to ViaSat are scheduling tours on Friday, while the San Diego Workforce Partnership is sponsoring a full-day conference on Thursday.
The “San Diego Workforce Conference: Future Employment in Our Priority Sectors” will be held Thursday at the Hall of Champions in Balboa Park from 8 a.m. to 5 p.m. The event is free and open to the public.
UC San Diego Extension DeanMary Walshok will give the presentation on advanced manufacturing, addressing the changing educational curriculum and training courses that will be required for employees in this increasingly complex sector, which is expected to grow locally by over 22,000 jobs by 2020.“As part of our research, we learned that, until very recently, there were no industrial engineering programs – none – being taught at San Diego’s colleges or universities,” Walshok said. “Yet our research clearly indicates that the demand for educated workers in advanced manufacturing must come from an expanded role in community college and adult continuing education programs.
The San Diego Regional Economic Development Corp. is sponsoring a breakfast panel discussion about manufacturing in San Diego at 8:30 a.m. Friday at the new central library downtown.
Click here to register.
— Times of San Diego
Greenfield Village Apartment Sold for $150 Million
In the largest multifamily transaction to take place thus far in 2014, The 644-unit Greenfield Village luxury apartment complex in Otay Mesa has been sold for $150 million to a partnership controlled by R&V Management Corp. The seller was Otay Greenfield Developers LLC.
The apartments were built in 2012 on 22 acres. They are spread over 15 residential buildings. The complex includes two clubhouses, a fully-equipped business center, indoor movie theater, two pools, spa and steam room, a barbecue areas, children’s activity room, fitness center offering daily classes, tanning salon, and on-site management office. Unit amenities include attached garages, wood burning fireplaces, balconies, central heating and air, in-unit washers and dryers, and fully-equipped kitchens with pantries.
Cushman & Wakefield represented buyer and seller. in the transaction.
San Diego Tech Coast Angels
Announce Quick Pitch Winners
San Diego Tech Coast Angels announced the winners of its 2014 John G. Watson Quick Pitch event. The companies were judged on their presentation content and presentation quality by an expert panel of judges.
The overall winner, nPruv (www.npruv.com) received $15,000 from Janssen Labs, Stradling Yocca Carlson & Rauth, Knobbe Martens and ResMed.
The two second place winners, Companion Medical (www.companion-medical.com) for best content and Get TAGit (www.gettagit.com) for best style, received $5,000 in prizes from The Startup Garage and Stradling Yocca Carlson & Rauth.
“These organizations were chosen from a field of more than 130 applicants and 30 semi-finalists,” said Jeff Draa, president of the Tech Coast Angels San Diego network. “The finalists’ two-minute presentations were fast paced, informative and entertaining. Quick Pitch is always a spectacular event showcasing a vast array of technology and life science companies that include the best our innovation economy has to offer.”
The eighth annual event was named after John G. Watson, an active and positive influence on local businesses and entrepreneurs through Tech Coast Angels until his unexpected death in 2010. After his death, his estate created a foundation in his name.
The Business of Clean Technology Forum
The San Diego State University Business Alumni Network — an organization comprised of business leaders and visionaries — will host The Business of Clean Tech from 5 to 8 p.m on Wednesday, Oct. 9, at the Corky McMillin Conference Center in Liberty Station.
A panel of experts will discuss San Diego’s drive to excellence, innovation and collaboration that has placed the cityon the world map for clean technologies.
Confirmed speakers include: John Parmentola Sr., General Atomics; Mark Lambert, CEO, IDE Americas; James Avery Sr., SDGE; Clark Crawford, Soitec; and Mike Cully, Regional Manager, car2go.
Tickets for the event are $35 for Business Alumni Network members, $40 for no-members and $20 for students. For more information, call Shirley Collier at (619) 972-0743 or Laurie Bianchi at (310) 722-0851.
Council to Consider Software System
For Tracking Homeless Health Care
Three major social services agencies would get a computer software system to track care for San Diego’s homeless under a $400,000 plan to be considered by the City Council next week. If approved, the San Diego Housing Commission would be authorized to provide the software called “ServicePoint” to Episcopal Community Services, Father Joe’s Villages and Veterans Village of San Diego.
The idea is to get all organizations that serve the homeless to use the same type of software, which will improve coordination of services. Data written into the system by one agency will be available to all organizations using the software.
“By coordinating our efforts we will never miss an opportunity to connect a homeless individual or family with an open emergency bed or housing unit,” Mayor Kevin Faulconer said at a news conference. “We’re using the power of technology to make real change in people’s lives.”
City officials said other agencies serving the homeless already use ServicePoint software. If approved, the systems would be installed at ECS, Father Joe’s and the VVSD by next June. Use of homeless tracking software is mandated by the U.S. Department of Housing and Urban Development for funding purposes.
— City News Service