Blackboard to Acquire Angel Learning

Blackboard, the maker of software used by colleges to put lectures online, said yesterday that it expects to acquire one of its main competitors, Angel Learning of Indianapolis. The District-based company, whose e-learning software is ubiquitous on many university campuses, will pay about $95 million -- $80 million in cash and $15 million in stock -- for its rival, excluding transaction costs and including the cash it will acquire from privately held Angel.
The deal is expected to close this month, Blackboard said.
The announcement came as Blackboard released its financial results for the first quarter, posting a narrower loss of $37,000 for the first three months of the year, compared with a loss of $4.4 million in the first quarter of 2008.

Also yesterday, Cyveillance of Arlington said it will be acquired by Qinetiq North America, a provider of information technology and engineering solutions to the U.S. government. The deal is for $40 million at completion, and then up to $40 million more if targets are met.

Vanda Pharmaceuticals won U.S. approval for its first product, a drug to treat schizophrenia, the Food and Drug Administration said. The FDA last summer delayed the initial application for the drug, known by its chemical name iloperidone, asking for more information. Vanda is entering the $15.8 billion market for drugs known as atypical antipsychotics by positioning iloperidone as a safe alternative. Other antipsychotics, used to treat patients with severe mental disorders, have been linked by the FDA to weight gain, diabetes and other side effects. Vanda has said that in clinical trials, iloperidone, which it will market as Fanapt, didn't cause "clinically meaningful" increases in weight, blood sugar or cholesterol.

By Terri Rupar  |  May 7, 2009; 9:58 AM ET  | Category:  Economy Watch , Morning Brief
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