Early Briefing: Another Biotech Departure

*Edward M. Rudnic, MiddleBrook Pharmaceuticals' chief executive, plans to leave the company he founded in exchange for an outside investment of $100 million.

MiddleBrook has been openly searching for a buyer over the past year. In the meantime, it agreed to the investment from Equity Group Investments, founded by Chicago billionaire Sam Zell, in an attempt to save its once-daily amoxicillin treatment for strep throat called Moxatag.

The Germantown biotech had previously considered a sale to another company, hoping for one that had a large sales force targeting primary-care physicians so that it could widely market the recently approved Moxatag.

*Mirant will make $34 million in pollution control improvements at its Alexandria power plant under a settlement agreement approved by the City Council. The agreement calls for reducing the levels of very fine emissions known as particulate matter, which some studies have found cause respiratory problems.

By Terri Rupar  |  July 3, 2008; 9:24 AM ET  | Category:  Morning Brief
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