Roundup: Vanda, Host, Hanger, NVR
From staff and wire reports
*Vanda Pharmaceuticals' stock rose slightly today, after the company said it was preparing a response to the Food and Drug Administration's rejection of its schizophrenia drug treatment. Vanda and the FDA met yesterday to talk about iloperidone, Vanda's schizophrenia treatment. While the FDA suggested this response was a useful next step, the agency did not promise to change its decision, cautioned Vanda's chief executive Mihael Polymeropoulos. The FDA said it could not comment on Vanda's drug application and deferred to the Rockville biotech.
Shares climbed about 4 percent to close at $1.07.
*The Maryland Board of Public Works has authorized an incentive that could persuade British Airways to continue operating at Baltimore-Washington International Thurgood Marshall Airport. Under an agreement with the state, the airline would get the subsidy if the rate of return on sales falls below 8 percent. The state would pay up to $5.5 million per year for two years.
British Airways is one of only four international carriers remaining at BWI. The others are Air Canada, Air Jamaica and USA 3000. Officials said they were concerned BWI would no longer be international without state assistance.
*Host Hotels & Resorts of Bethesda said its European joint venture agreed to buy six hotels for about $185 million, advancing its expansion into Germany and France. The hotels have 1,954 rooms in France, Germany and the Netherlands. Host operates the venture with the Dutch pension fund for public employees and an affiliate of GIC Real Estate, the real estate investment company of the government of Singapore.
*Bethesda-based Hanger Orthopedic Group said it acquired three new care centers in Florida, New York and Ohio. Hanger said the clinics, with total annual revenue of $8.3 million, would add to earnings after they are integrated. The purchased companies are Advanced Prosthetics of America, Manhasset Orthotics-Prosthetics, and Custom Design Orthotic & Prosthetic.
*Lockheed Martin received a $5.6 billion contract for tactical and non-tactical wheeled vehicle support for all of the military services, the Pentagon said.
*Fannie Mae and Freddie Mac are discussing with the New York Stock Exchange whether the federal conservatorship affects the terms of their share listings. Neither company has been informed of any non-compliance by the NYSE related to the common and preferred stock, Fannie and Freddie said in separate filings to the Securities and Exchange Commission. Both said they are continuing discussions with the NYSE.
*NVR of Reston dropped its plan to raise money through a sale of $325 million in convertible senior notes, blaming market conditions. The offering was announced Tuesday.
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Posted by: shiny | September 19, 2008 10:41 PM
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