SUIT SETTLED: Amgen Inc. won a judgment and permanent injunction that has delayed the plans of an Israeli generic drug maker to sell an infection-fighting treatment that competes with two of the Thousand Oaks biotech’s biggest money-makers. A U.S. District Court judge in Pennsylvania ruled that Teva Pharmaceutical Industries Ltd., based in suburban Tel Aviv, cannot sell its Neutroval product for more than two years. The court found that the drug infringed on Amgen patents for Neopogen and Neulasta, which boost the growth of white blood cells to fight infections and generated $3.6 billion in U.S. sales last year, about one-quarter of Amgen’s total revenue.
MIDYEAR FORECAST: Los Angeles County will see modest job growth for the rest of this year and into next year, but it will not be enough to make a significant dent in the county’s jobless rate, according to economists at the Los Angeles County Economic Development Corp. The forecast predicts that 28,000 payroll jobs will be added in 2011 for a meager growth rate of 0.7 percent. This follows three consecutive years of job losses, including 60,000 in 2010. Job growth is expected to pick up slightly in 2012, with 65,000 workers being added to payrolls for a growth rate of 1.7 percent.
OBITUARY: Norbert Olberz, the founder of the Sport Chalet retail chain, died July 15 in La Canada Flintridge. He was 86. Olberz founded Sport Chalet in 1959 and served as chief executive of the La Canada Flintridge company until 1999. He retired as chairman in 2001. A German native, Olberz came to the United States in 1955, learned to ski on Oregon’s Mount Hood and sank $10,000 – his entire life savings – into opening a ski shop in La Canada. That became the foundation of what has grown to a chain of 55 stores in four states.
DEAL REACHED: Tetra Tech Inc. has agreed to purchase most of the assets of Proteus EPCM Engineers, an Australian engineering company that specializes in mining, for an undisclosed amount. Proteus is based in Perth and focuses on projects involved in iron ore, precious and base metals, and aluminum extraction. Tetra Tech, based in Pasadena, said the transaction is expected to close early next month. The deal will help the company enter new markets across Asia and Africa. In a separate announcement, Tetra Tech has named Steve Burdick chief financial officer and treasurer. He had been serving as interim CFO since March.
TECH ACQUISITION: Ixia completed its acquisition of VeriWave Inc., an Oregon maker of testing devices for Wi-Fi networks and smart phones. Terms of the deal were not announced. The purchase enables the Calabasas provider of Internet and wireless network test products to offer a broader line of services to network equipment manufacturers, service providers, businesses and government agencies, Ixia said. Privately held VeriWave of Beaverton makes products that test Wi-Fi networks and mobile smart devices by measuring speed, quality and other performance metrics.
COMPETITOR BOUGHT: National Technical Systems Inc. in Calabasas has acquired Ingenium Testing, a product compliance and engineering company, in a deal valued at more than $12.5 million. NTS said that acquiring Ingenium in Rockford, Ill., was a key step in its plan to diversify and gives it a stronger presence in the Midwest. The deal was funded from a $14 million private placement of debt and equity with Mill Road Capital that closed last month.
SALE COMPLETED: Affiliates of billionaire Len Blavatnik’s Access Industries Inc. completed acquisition of Warner Music Group Corp. in an all-cash deal valued at $3.3 billion. Shareholders received $8.25 per share in cash for the recorded music library and music publishing businesses of New York-based Warner, considered the world’s third largest recording company. Warner Music will continue to have operations in Burbank and Santa Monica.
3-D EXPANSION: RealD Inc. reached an agreement with Cinemark Holdings Inc. to install an additional 1,500 3-D-enabled screens in the chain’s theaters across North America and Latin America. The Beverly Hills movie technology company said that the agreement will eventually result in RealD’s technology being installed in half of Cinemark’s auditoriums.
EARNINGS: City National Corp. reported second quarter net income of $47.5 million, 15 percent higher than a year ago. Net interest income rose 5 percent to $195 million; noninterest income fell 2 percent to $91.9 million. … Mattel Inc. reported second quarter net income of $80.5 million, 56 percent higher than a year ago. Revenue rose 14 percent to $1.16 billion. … Jakks Pacific Inc. reported second quarter net income of $4.2 million, 40 percent higher than a year ago. Net sales rose 7 percent to nearly $132 million. … East West Bancorp Inc. reported second quarter net income of $58.8 million, 95 percent higher than a year ago. Net interest income before provision for loan losses rose nearly 12 percent to $227 million, and noninterest income fell 65 percent to $12.5 million. … Cathay General Bancorp reported second quarter net income of $20.2 million compared with a loss of $2.2 million a year ago. Net interest income before provision for credit losses rose 5 percent to $78.3 million; noninterest income rose 69 percent to $12.5 million. … Cheesecake Factory Inc. reported net income of more than $24.7 million, 29 percent higher than a year ago. Revenue rose 2.8 percent to less than $431 million.
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