Medicines Co to spend $300 million to boost hospital products line






(Reuters) – Medicines Company, a maker of drugs used in hospitals, will spend about $ 300 million in two deals to bulk up its surgical care products portfolio.


The company will pay $ 105 million upfront for a two-year license to market Bristol-Myers Squibb Company‘s device to control bleeding during surgery.






Medicines Co also said it agreed to pay $ 185 million to acquire privately held Incline Therapeutics, which is developing a device to manage post-operative pain.


“Both assets fit well with Medicines Co’s current hospital franchise. It follows the company’s historical ability to bring in interesting assets that may need further work, but can be picked up at a reasonable price because they could need more development,” RBC Capital Markets analyst Adnan Butt said.


The deal with Bristol gives Medicines Co the option to acquire the device, Recothrom, for a price based on average net sales during the two-year collaboration term.


Bristol recorded net revenue of $ 65 million from the Recothrom sales in the United States and Canada in 2011. It will be the manufacturer and sole supplier of Recothrom during the deal term.


Medicines Co would also pay an upfront option fee of $ 10 million to Bristol and tiered royalties on annual net revenue of the device during the term.


The deal is expected to add to Medicines Co’s earnings per share in 2013, and add minimally to Bristol’s earnings per share in 2013 and 2014, both companies said in a joint statement.


Redwood City, California-based Incline is developing a patient-controlled analgesia system called IONSYS for short-term management of acute post-operative pain in hospitals. The device was launched in Europe, but recalled later on stability issues.


“We expect that if we obtain IONSYS approval, we could launch IONSYS in early 2014 in the United States and soon thereafter in Europe,” Medicines Co’s Chief Financial Officer Glenn Sblendorio said.


San Diego, California-based Cadence Pharmaceuticals Inc had an exclusive option to buy Incline, which it ended on Wednesday.


Cadence said it will receive about $ 13 million for the termination of its agreement with Incline.


Medicines Co will also pay about $ 1.5 million to buy out Cadence’s holdings in Incline and potentially a pro rata share of future milestone payments, Cadence said.


Medicines Co’s shares closed at $ 21.85 on Tuesday on the Nasdaq.


(Reporting by Zeba Siddiqui in Bangalore; Editing by Roshni Menon)


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Delta buys into Virgin Atlantic







Delta Air Lines has agreed a deal to buy Singapore Airlines’ 49% stake in Virgin Atlantic for $ 360m (£224m).






Virgin Group and Sir Richard Branson will retain a 51% shareholding, and the Virgin brand will remain in place, the new partners said in a joint statement.


The deal is subject to regulatory approval in the US and Europe.


It follows a spat between Sir Richard and Willie Walsh, boss of BA-owner International Airlines Group over the future of Virgin Atlantic.


Earlier, Mr Walsh offered to wager a “knee in the groin” in a bet with Sir Richard over whether the Virgin brand would still be around in five years.


He was responding to a £1m bet offered by Sir Richard on Monday.


‘Exciting day’


Virgin and Delta said the deal would allow allow them to “overcome slot constraints” and offer more flights from Heathrow.


The carriers will operate 31 peak-day round trips between the UK and North America.


“Our new partnership with Virgin Atlantic will strengthen both airlines and provide a more effective competitor between North America and the UK, particularly on the New York-London route,” said Delta boss Richard Anderson.


Sir Richard said it was an “exciting day” in Virgin’s history.


“It signals the start of a new era of expansion, financial growth and many opportunities for our customers and our business.”


Singapore Airlines is selling its stake, which it has owned since 1999, because of increased competition in its local market.


Low-cost airlines in particular have mushroomed, threatening more traditional carriers like Singapore Airlines.


Singapore Airlines has itself launched a low-cost carrier, called Scoot, and has been putting money into its regional service, SilkAir.


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WebMD to cut 14 percent of workforce to reduce expenses






(Reuters) – Health information website WebMD Health Corp said it will cut around 250 jobs, or 14 percent of its workforce, to reduce costs.


The company, which had about 1700 employees according to Thomson Reuters data, said it would take a charge of about $ 6 million to $ 8 million in the fourth quarter, primarily on severance and other restructuring-related costs.






WebMD, which is a popular and long-trusted destination for checking health and disease related information, has lost its sheen for investors in recent times as it struggled to convert its growing user base into a steady revenue stream.


The company named a former Pfizer Inc executive Cavan Redmond as CEO earlier this year, entrusting the industry veteran with the task of reviving the website’s flagging business.


Its previous CEO, Wayne Gattinella, resigned after the company took itself off the auction block in January.


WebMD also said on Tuesday that it plans to streamline its operations and focus resources on increasing user engagement, customer satisfaction and innovation, and expects these efforts to reduce annualized operating expenses by about $ 45 million.


While most of the job cuts will be effective at the end of the year, other cost saving actions will be implemented in the first quarter of 2013, the company said in a statement.


The company reported a third-quarter loss in November, compared with a profit in the year-ago quarter, and said revenue fell 13 percent.


WebMD’s shares, which have lost nearly 40 percent of their value over the past six months, were down about 2 percent in premarket trade. They closed at $ 13.85 on Monday on the Nasdaq.


(Reporting by Esha Dey in Bangalore; Editing by Roshni Menon)


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World Chefs: Keller shares memories, spotlight in latest book






NEW YORK (Reuters) – Thomas Keller, one of America‘s most respected chefs, shares the food memories of his childhood and his time in France in his new book “Bouchon Bakery,” which is also the name of his chain of pastry shops in the United States.


Keller is the only American chef who owns two three-Michelin-star restaurants – Per Se in New York City and The French Laundry in the Napa Valley wine region in California.






Earlier this year, Britain’s Restaurant Magazine named Per Se, which opened in 2004, the world’s sixth best restaurant. Keller also earned the magazine’s lifetime achievement award.


Like his four other books, his latest effort is a collaboration. He co-wrote it with his top pastry chefs Sebastien Rouxel and Matthew McDonald along with food writers Susie Heller, Michael Ruhlman and Amy Vogler.


The 57-year-old spoke to Reuters about the book, his pastry chefs and his place in the culinary world.


Q: Why did you collaborate with the leaders of your pastry team with this book?


A: “If you look at my other cookbooks, it’s always been a point with me to share these opportunities with those who share their skills and expertise with the general public. That was the reason why I did the book. Sebastien is one of the best pastry chefs in America. His techniques are unparalleled. I’m not trying to pretend that I’m a pastry chef by writing a book about baking and pastries. Nor am I trying to be a bread baker. I have Matthew McDonald, who is one of the best bakers in America. To be able to highlight his skills in the bread section was very important as well.”


Q: How did your time in France change your view about pastry and bread-making?


A: “When you are in France, especially in Paris, there were three or four boulangeries of different significance just on the block where I lived because they had pastry chefs with different levels of skills. You went to different ones for different things. To have a fresh baked baguette everyday was extraordinary. Anyone who lived in Paris for any length of time would say eating a fresh baguette is pretty special. Bread plays a real important part in the experience of the diners. To make sure we have the opportunity to significantly impact the experience by controlling the production and style of the bread was very important to me.”


Q: Do you have a favorite dessert?


A: “It depends on the day … There are so many things I love. I think anything that’s done really, really well. For me, that’s really something I really appreciate. I think one of the things that really resonate with the individual is that idea that eating, and eating through that experience, they have a memory. We are always trying to do something that’s good. Why put something on the menu that’s not very good?”


Q: The book emphasizes weighing ingredients over measuring with cups and spoons. Could that be difficult for home cooks?


A: “One of the things about pastry … it’s such an exact process. The most exact thing you practice is with weighing. There is an exactness to the execution, which gives you every opportunity to be successful.”


Q: French Laundry and Per Se are among two of the best restaurants in the country. Bouchon Bakery is a success. What more would you like to accomplish in the culinary world?


A: “I have accomplished today everything I wanted to accomplish, more than I ever dreamed was possible. Right now, I’m just focused on the restaurants we have and the book I just wrote. Let me enjoy this moment before you ask me what I’ll be doing tomorrow.”


Pecan Sandies for my mom (Makes 1-1/2 dozen cookies)


1 ¾ cups + 1 ½ teaspoons all-purpose flour (250 grams)


¾ cup coarsely chopped pecans (80 grams)


4 ounces unsalted butter, at room temperature (170 grams)


¾ cup + 1 ¾ teaspoons powdered sugar (90 grams)


Additional powdered sugar for dusting (optional)


1. Position the racks in the upper and lower thirds of the oven and preheat the oven to 325°F (convection) or 350°F (standard). Line two sheet pans with Silpats or parchment paper.


2. Toss the flour and pecans together in a medium bowl.


3. Place the butter in the bowl of a stand mixer fitted with the paddle attachment and mix on medium-low speed until smooth. Add the 90 grams/¾ cup plus 1¾ teaspoons powdered sugar and mix for about 2 minutes, until fluffy. Scrape down the sides and bottom of the bowl. Add the flour mixture and mix on low speed for about 30 seconds, until just combined. Scrape the bottom of the bowl to incorporate any dry ingredients that have settled there.


4. Divide the dough into 30-gram/1½-tablespoon portions, roll into balls, and arrange on the sheet pans, leaving about 1½ inches between them. Press the cookies into 2-inch disks.


5. Bake until pale golden brown, 15 to 18 minutes if using a convection oven, 22 to 25 minutes if using a standard oven, reversing the positions of the pans halfway through. (Sandies baked in a convection oven will not spread as much as those baked in a standard oven and will have a more even color.)


6. Set the pans on a cooling rack and cool for 5 to 10 minutes. Using a metal spatula, transfer the cookies to the rack to cool completely. If desired, dust with powdered sugar.


Note: The cookies can be stored in a covered container for up to 3 days.


(Reporting by Richard Leong; Editing by Patricia Reaney and James Dalgleish)


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Mandela responding to lung infection treatment






JOHANNESBURG (Reuters) – Former South African President Nelson Mandela, who is 94 and has been in hospital since Saturday for tests, has suffered a recurrence of a lung infection but is responding to treatment, the government said on Tuesday.


The revered anti-apartheid leader and Nobel Peace laureate is spending his fourth day in hospital in the capital, Pretoria.






Known affectionately by his clan name “Madiba”, Mandela remains a hero to many of South Africa‘s 52 million people and two brief stretches in hospital in the past two years made front page news.


“Doctors have concluded the tests and these have revealed a recurrence of a previous lung infection, for which Madiba is receiving appropriate treatment and he is responding to the treatment,” the government said in a statement.


Mandela was admitted to the Pretoria military hospital on Saturday after being flown from his home village of Qunu in a remote part of the Eastern Cape province.


Until now, authorities had given few details about the reason for his latest visit to hospital.


In an interview broadcast on South Africa’s eNCA television channel, Mandela’s Mozambican-born wife Graca said the former president’s “sparkle” was fading.


When he was admitted to hospital on Saturday, officials stressed there was no cause for concern although domestic media reports suggested senior members of the government and people close to him had been caught unawares.


ROBBEN ISLAND


On the streets, ordinary South Africans crossed their fingers for his recovery. Leading cartoonist Zapiro depicted Mandela asleep in his hospital bed with hundreds of “Get Well” cards flying through the window like a flock of birds.


“He’s old and I hope he gets better soon. He means a lot to the world,” 25-year-old legal researcher Liezel Jacobs said.


Mandela, South Africa’s first black president and a global symbol of resistance to racism and injustice, spent 27 years in apartheid prisons, including 18 years on the windswept Robben Island off the coast of Cape Town.


He was released in 1990 and went on to be elected president in the historic all-race elections in 1994 that ended decades of white-minority rule in Africa’s most important economy.


He used his unparalleled prestige to push for reconciliation between whites and blacks, setting up a commission to probe crimes committed by both sides in the anti-apartheid struggle.


Mandela’s African National Congress (ANC) has continued to govern since his retirement from politics in 1999, but has been criticised for perceived corruption and slowness in addressing apartheid-era inequalities in housing, education and healthcare.


On Tuesday, the influential South African Council of Churches launched a blistering attack on the ANC, accusing its leaders of moral decay and of abandoning Mandela’s goal of a non-racial democracy built from the ashes of apartheid.


Mandela spent time in a Johannesburg hospital in 2011 with a respiratory condition, and again in February this year because of abdominal pains. He was released the following day after a keyhole examination showed there was nothing serious.


He has since spent most of his time in Qunu.


His fragile health prevents him from making any public appearances, although he has continued to receive high-profile domestic and international visitors, including former U.S. President Bill Clinton in July.


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China Nabs Airplanes and Batteries in Latest U.S. Shopping Spree






China’s U.S. shopping spree continues.


On Dec. 9, Chinese auto parts and technology company Wanxiang Group won a bankruptcy auction to acquire lithium-ion battery-maker A123 Systems for $ 256.6 million, beating out competing bids by Johnson Controls, Siemens (SI), and NEC. And on Dec. 10, a consortium of Chinese financial firms agreed to purchase AIG’s aviation-leasing business for $ 4.26 billion, setting a new record for the value of a single U.S. deal by a Chinese acquirer.






The Wanxiang win follows an earlier unsuccessful bid that foundered in August over national security concerns in the U.S. Congress, and was followed by A123’s bankruptcy filing on Oct. 16. The Waltham (Mass.)-based company had supplied its automotive batteries to the U.S. military and had also secured a $ 249 million federal grant to build factories in the U.S.—both issues raised by U.S. congressional members at the time. Separately, a congressional report released Oct. 8 alleged that China’s two largest telecom equipment manufacturers, Huawei Technologies and ZTE, are a security threat and should be blocked from acquiring U.S. companies.


Now, Wanxiang is excluding all military contracts held by A123 from its planned purchase. Navitas Systems, a Woodridge (Ill.)-based company, instead will spend $ 2.25 million to purchase A123’s government business. The asset sales must first get court approval from a U.S. bankruptcy judge at a hearing on Dec. 11.


“We think we have structured this transaction to address potential national security concerns expressed during the review of our previous investment agreement with Wanxiang announced in August as well as to address concerns raised by the Department of Energy,” A123 Chief Executive Officer Dave Vieau said in a statement.


Wanxiang has already invested in some two dozen ailing factories, mainly in the Midwest, and has recently been putting money into cleantech. In May, it closed a deal to invest $ 1.25 billion in Great Point Energy, a company in Cambridge, Mass., that converts coal to natural gas. The U.S. is a “gold mine” of opportunities for Wanxiang, Pin Ni, the head of U.S. operations and president of Wanxiang America, told Bloomberg Businessweek in October. “Any Chinese company that wants to be a global company can’t miss out on the U.S. market.”


These latest deals could cap a record-setting year with Chinese companies spending more than $ 8 billion to acquire American companies, up almost 50 percent from 2011. Chinese investment has flowed into at least 37 states and most major cities and is diversifying beyond the big energy asset purchases that have defined it in the past, according to Thilo Hanemann, research director at Rhodium Group, a China-focused consultant. Now also popular: entertainment, aluminum production, and financial services, with Chinese companies already supporting close to 30,000 jobs in the U.S. (Not that energy deals are no longer happening: Sinopec (SNP) is spending $ 2.5 billion purchasing oil and gas assets of Devon Energy (DVN), for example.)


More China deals are likely imminent. After spending $ 2.6 billion to purchase Kansas City (Mo.)-based AMC Entertainment, with 4,865 screens in 338 multiplex theaters in the U.S., Beijing-based Wanda Group is now talking to several Hollywood studios about signing a joint production and financing agreement. Also possible: buying an international hotel firm, with $ 10 billion earmarked for investment in the U.S., Wanda’s chairman, Wang Jianlin, told Bloomberg Businessweek on Dec. 3.


Wanxiang’s planned purchase, as well as the Chinese consortium’s bid for the AIG aviation-leasing arm, must still be reviewed by the Committee on Foreign Investment in the U.S., a multi-agency group headed by the Treasury Department that vets foreign purchasers of U.S. assets for national security concerns. And despite Wanxiang’s decision to exclude government contracts from the A123 purchase, not everyone is convinced that resolves the potential security risks.


“There are no protections, assurances or carve-outs that Wanxiang could offer as part of its offer that would ensure this technology would not benefit Chinese industries and military—to the detriment of those in the United States,” wrote Representative Marsha Blackburn (R-Tenn.) in a Dec. 7 blog post. “The administration must review and then reject any deal involving Wanxiang. A123 Systems was born out of American innovation, and we must ensure that it stays here—for our national and economic security,” wrote Blackburn, the vice chairman of the House Energy and Commerce Committee.


Businessweek.com — Top News


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McAfee wants to return to US, ‘normal life’






BACALAR, Mexico (AP) — Software company founder John McAfee said Sunday he wants to return to the United States and “settle down to whatever normal life” he can.


In a live-stream Internet broadcast from the Guatemalan detention center where he is fighting a government order that he be returned to Belize, the 67-year-old said “I simply would like to live comfortably day by day, fish, swim, enjoy my declining years.”






Police in neighboring Belize want to question McAfee in the fatal shooting of a U.S. expatriate who lived near his home on a Belizean island in November.


The creator of the McAfee antivirus program again denied involvement in the killing during the Sunday Internet video hook-up, during which he answered what he said were reporters’ questions.


His comments were sometimes contradictory. McAfee is an acknowledged practical joker who has dabbled in yoga, ultra-light aircraft and the production of herbal medications.


The British-born McAfee first said that returning to the United States “is my only hope now.” But he later added, “I would be happy to go to England, I have dual citizenship.”


He was emphatic that “I cannot ever return to Belize …. there is no hope for my life if I am ever returned to Belize.”


“If I am returned,” he said, “bad things will clearly happen to me.”


He descibed the health problems that had him briefly hospitalized earlier this week after Guatemalan authorities detained him for entering the country illegally. He apparently snuck in across a rural, unguarded spot along the border.


“I did not eat for two days, I drank very little liquids, and for the first time in many years I’ve been smoking almost non-stop,” he said. “I stood up, passed out hit my head on the wall, came to,” though he now said he was feeling better.


McAfee praised the role his 20-year-old Belizean girlfriend, Samantha Vanegas, played in his escape from Belize, where he claims he is being persecuted by corrupt politicians. Authorities in Belize deny that they are persecuting him and have questioned his mental state.


“Sam saved the day many times” during their escape, he said, and suggested he would take her with him to the United States if he is allowed to go there.


He confirmed that journalists from Vice magazine who accompanied him on his escape after weeks of hiding in Belize had unwittingly posted photos with embedded data that revealed his exact location.


“It was an error anyone could make,” he said, noting they were under a lot of pressure at the time.


McAfee has led an eccentric life since he sold his stake in the anti-virus software company named after him in the early 1990s and moved to Belize about three years ago to lower his taxes.


He told The New York Times in 2009 that he had lost all but $ 4 million of his $ 100 million fortune in the U.S. financial crisis. However, a story on the Gizmodo website quoted him as describing that claim as “not very accurate at all.”


McAfee’s Guatemalan attorney, Telesforo Guerra, says that he has filed three separate legal appeals in the hope that his client can stay in Guatemala, where his political asylum request was rejected.


Guerra said he filed an appeal for a judge to make sure McAfee’s physical integrity is protected, an appeal against the asylum denial and a petition with immigration officials to allow his client to stay in this Central American country indefinitely.


The appeals could take several days to resolve, Guerra said. He added that he could still use several other legal resources but wouldn’t give any other details.


Fredy Viana, a spokesman for the Immigration Department, said that before the agency looks into the request to allow McAfee to stay in Guatemala, a judge must first deal with the appeal asking that authorities make sure McAfee’s physical integrity is protected.


“We won’t look into (allowing him to stay) until the other appeal is resolved,” Viana said. “The law gives me 30 days to resolve the issue.”


McAfee went on the run last month after Belizean officials tried to question him about the killing of Gregory Viant Faull, who was shot to death in early November.


McAfee acknowledges that his dogs were bothersome and that Faull had complained about them, but denies killing Faull. Faull’s home was a couple of houses down from McAfee’s compound in Ambergris Caye, off Belize’s Caribbean coast.


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Hug It Out: Public Charter and District Schools Given $25 Million to Get Along






If you need a loan, ask Bill and Melinda Gates. Or better yet, ask one of the seven cities that are splitting a new $ 25 million grant courtesy of the couple’s philanthropic foundation.


The funds are going to promote cross collaboration between charter and district schools, which have previously operated in a strict and contentious independence from one another.






The foundation announced the award this week, and the cities benefiting are Boston, Denver, Hartford (CT), New Orleans, New York City, Philadelphia and Spring Branch (TX).


How did they get so lucky? They’re among a group of 16 communities that signed the Gates-sponsored “District-Charter Collaboration Compacts” pledging for an open-source collaboration between public charter and district public schools.


Communication between these two models is unusual to say the least; they’ve had a long and illustrious history of battling each other over tax dollars, students and even building space.


But when charter schools first opened 20 years ago, their original purpose was to create an experimental educational space which would then share its best methods with public district schools. Instead, the two grew into rivals and critics of each are vehemently opposed to the other.


Among the complaints, charter schools are seen as selfishly siphoning off the most motivated students from the district while upholding a rich-poor educational divide and failing to live up to the promise of a better education. Others say its district schools that are the issue for their unionized teacher complacency and a consistent inability to keep a large margin of students from falling through the cracks.


In truth, neither system is a slam-dunk, and both are experiencing closures nationwide due to underperformance.


The goal of the District-Charter Collaboration Compacts is to restore the original relationship of the two camps, effectively establishing a regular protocol of sharing their best practices, innovations and resources.


Don Shalvey, the deputy director at teh Gates Foundation told The New York Times, “It took Microsoft and Apple 10 years to learn to talk. So it’s not surprising that it took a little bit longer for charters and other public schools. It’s pretty clear there is more common ground than battleground.”


But what will this grand collaboration yield? If all goes according to plan, students from both camps will benefit from new teacher effectiveness practices, college-ready tools and supports, and innovative instructional delivery systems.


According to the Gates Foundation, only one-third of students meet the criteria of college ready by the time they graduate. And most of the kids who don’t are often minority students from lower income areas. By creating collaborative aims with charter and district, kids from all over can have access to a wider swath of teaching frameworks and curriculums. 


Related Stories on TakePart:


• Public Dollars for Private Schools? Voices from the Voucher Debate


• School Vouchers: The Debate Heats Up Across the U.S.


• Howard Fuller: One of the Most Powerful Educators in America



A Bay Area native, Andri Antoniades previously worked as a fashion industry journalist and medical writer.  In addition to reporting the weekend news on TakePart, she volunteers as a webeditor for locally-based nonprofits and works as a freelance feature writer for TimeOutLA.com. Email Andri | @andritweets | TakePart.com


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Springsteen, Lady Gaga join Stones concert in NJ






NEW YORK (AP) — Bruce Springsteen, Lady Gaga and The Black Keys will join the Rolling Stones on Saturday for the final concert marking the band’s 50th anniversary.


The concert will be held at the Prudential Center in Newark, N.J.






The band said Monday the concert will be telecast live on pay-per-view.


The Stones have played in London and New York on their “50 and Counting” tour. They will also play in Newark on Thursday.


The Stones will perform Wednesday at the “12-12-12″ concert at Madison Square Garden in New York City to raise money for victims of Superstorm Sandy.


___


Online:


http://www.rollingstones.com/


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UK chooses doctor as new head of NICE






LONDON (Reuters) – Britain’s health ministry named a former practising doctor, David Haslam, as the preferred candidate to chair the country’s healthcare cost-effectiveness watchdog NICE on Monday.


Haslam will take over as chairman of the renamed National Institute for Health and Care Excellence (NICE) from Michael Rawlins, assuming he passes scrutiny by a committee of MPs.






Rawlins, who has chaired NICE since its creation in 1999, is due to step down in March 2013.


During his time at the helm of the agency, Rawlins has made NICE a powerful force in the pharmaceutical industry with its hard-nosed approach to deciding whether or not pricey new drugs should be used on the state health service.


Haslam, who already leads the NICE Evidence Accreditation Advisory Board, is the immediate past president of the British Medical Association.


NICE will change its official title from the National Institute for Health and Clinical Excellence next year.


(Reporting by Ben Hirschler; editing by Kate Kelland)


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