A Los Angeles City Council committee has endorsed Anschutz Entertainment Group’s proposal to build a $1.2 billion downtown football stadium and revamp the Convention Center hall. The approval came just days after Denver’s Anschutz Co. announced it was putting its AEG unit up for sale. AEG Chief Executive Tim Leiweke attempted to calm concerns, assuring council members that AEG was committed to building the stadium and pursuing a National Football League franchise even under new ownership. The full council was scheduled to vote on the Farmers Field stadium plan Sept. 28.
Azusa cosmetics company Physicians Formula Holdings Inc. has rejected a buyout offer from private-equity firm Swander Pace Capital in favor of a higher bid from Markwins International Corp., a privately held competitor in City of Industry. Physicians Formula said the new offer represented a 33 percent premium to its closing share price of $3.68 on Aug. 14, the last trading day before the company announced the deal with Swander Pace. That bid offered a 14 percent premium.
Kythera Biopharmaceuticals, which is developing a prescription treatment to reduce chin fat, last week moved closer to an initial public offering of 4 million shares, saying in a regulatory filing that the stock likely will price at $14 to $16 a share. The Calabasas company would raise about $60 million at the midpoint of that range. Kythera recently enrolled patients for two U.S. late-stage clinical studies and one Canadian study of its injectable fat-dissolver, and expects to use part of the IPO proceeds to complete the studies and move the drug toward final Food and Drug Administration review.
Xirrus, a maker of Wi-Fi network technology, has closed a $23.5 million financing round. The Thousand Oaks company said the Series E round was led by existing investors that include August Capital and Canaan Partners. Xirrus makes access devices for wireless networks. The technology is used at schools, hospitals, shopping centers and similar locations. It plans to use the new money for sales, and research and development.
Los Angeles County continued its summer jobs stall in August, losing about 10,000 payroll jobs that were largely due to seasonal cuts in education. The state Employment Development Department also said that the county’s unemployment rate dipped to 11 percent in August from 11.2 percent in July; the rate was 13 percent in August 2011.
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