Produce market still seeks new home
The Philadelphia Regional Produce Market is trying to find a new home once again after its first three attempts failed. In May, after two years of strongly supporting the plan along with State Sen. Vincent J. Fumo (D., Phila.), Gov. Rendell canceled plans to move the market to the Navy Yard in the face of rising costs and protests from labor unions eager for that land to be used for port expansion. Now, the market hopes to expand near its current location at Third Street and Packer Avenue. The latest plan involves expanding onto property at Seventh Street and Packer, much of which is expected to be vacated by Sysco Corp., the national restaurant-supply company that is just west of the current market. Sysco would erect a new building at the Pier 98 annex on Columbus Boulevard. See:
The Philadelphia Regional Produce Market is trying to find a new home once again after its first three attempts failed. In May, after two years of strongly supporting the plan along with State Sen. Vincent J. Fumo (D., Phila.), Gov. Rendell canceled plans to move the market to the Navy Yard in the face of rising costs and protests from labor unions eager for that land to be used for port expansion. Now, the market hopes to expand near its current location at Third Street and Packer Avenue. The latest plan involves expanding onto property at Seventh Street and Packer, much of which is expected to be vacated by Sysco Corp., the national restaurant-supply company that is just west of the current market. Sysco would erect a new building at the Pier 98 annex on Columbus Boulevard. See:
Phila. law firm won't raise first-year salaries
In announcing that it plans to hold the line on first-year salaries, Fox Rothschild L.L.P. is bucking a national trend in which large law firms year after year have offered ever higher salaries to lawyers fresh out of school. The 400-lawyer firm, based in Philadelphia, said it planned to hold starting salaries at $125,000 for lawyers fresh out of law school. Driving the increases has been a boom in mergers and acquisitions and other corporate work. Fox Rothschild, which raised its starting salary by $10,000 a year ago, was not even at the top in Philadelphia. Larger firms such as Morgan, Lewis & Bockius L.L.P. and Dechert L.L.P. have increased their pay to $145,000. See:
Spinal-implant makers settle court dispute
Dueling spinal-implant makers Synthes (USA) L.P. and Globus Medical Inc. have settled their trade-secrets court dispute, with Globus agreeing to pay Synthes $13.5 million to resolve claims of wrongdoing. In addition, Globus, of Audubon, has agreed not to solicit or hire Synthes employees for one year. Synthes, a publicly held maker of orthopedic devices and implants, with North American headquarters in West Chester, had sued David Paul, Synthes' former head of spine-products development, and two other Globus executives. Paul left Synthes in 2003 to create the rival Globus and recruited more than a dozen Synthes employees. Later in the week, Globus announced that it had raised $110 million from private-equity firms to fund its growth. See:
http://go.philly.com/GLOBUS26 and http://go.philly.com/CLARUS26
Cephalon spends $100M to acquire drug's rights
Cephalon Inc. agreed to pay $100 million in cash to acquire North American rights to the recently approved muscle-spasm drug Amrix. The Frazer company said it was buying the rights to the extended-release medication from privately held ECR Pharmaceuticals, of Richmond, Va. In February, the Food and Drug Administration approved two dosage strengths of the drug for short-term use. Amrix is not yet commercially available in the United States, and Cephalon expects to begin selling it early in the fourth quarter. See:
Coming tomorrow
Restaurant supplier Sysco Corp. has been working for nine years to expand its South Philadelphia operation.