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Business news in brief

In the Region

Shire buys Lumena for $260M

Drugmaker Shire P.L.C., which is based in the United Kingdom but has operations in Chesterbrook, said Monday that it had agreed to buy San Diego-based Lumena Pharmaceuticals Inc. for an up-front payment of $260 million. Shire might pay more, pending the net cash available when Lumena closes the deal and for milestone payments on the clinical trials of some drugs in its pipeline. Shire has tried to focus on rare diseases, and Lumena has products that treat diseases of the liver. Reports suggest that drugmaker Allergan might try to buy Shire as a way to fend off an unwanted takeover bid from Valeant Pharmaceuticals. - David Sell

Target hiring for K of P store

Discount retailer Target Corp. said it is seeking 200 to 250 "team members" to work at its King of Prussia store, which is scheduled to open in July. In a statement, Target said it expected to draw "hundreds of prospective candidates" to interview with store team leader Daniel Conroy in "prescheduled interviews" stressing "Target's dynamic, team-oriented culture." Would-be Target workers "are encouraged to visit to apply in advance." The Target job fair and interviews will be held May 29 (11 a.m.-7 p.m.), 30 (9 to 5), and 31 (9 to 3) at the Crowne Plaza hotel, 260 Mall Blvd., King of Prussia. - Joseph N. DiStefano

Under 30 summit set here

Forbes and the City of Philadelphia announced the first Forbes Under 30 Summit for "young entrepreneurs and game changers from across the United States," to be held from Oct. 19 to 22 at the Convention Center and other city venues. The event will include panels, TED-style presentations, an Under 30 Music Festival, and an Under 30 Food Festival. For details see On Twitter, follow #Under30Summit and #GoingtoPhilly. - Reid Kanaley

Kingsbury opens German plant

Kingsbury Inc., the family-owned, Philadelphia-based turbine and pump bearings maker, said it would open a German factory next month to serve Central European markets. The move "was the natural outgrowth" of Kingsbury's two-year-old Gottingen, Germany, sales office, said managing director Morched Medhioub in a statement. Kingsbury employs around 250 at its office and plant near Northeast Philadelphia Airport. The company also operates a factory in Oshkosh, Wis., and bearing-repair facilities in Hatboro and Yuba City, Calif. - Joseph N. DiStefano

Drosdick to fund 'Nova lab

John G. Drosdick, the retired Sunoco Inc. chairman and chief executive officer, has committed $2.5 million to Villanova University to fund a new Engineering Innovation Lab in the Center for Engineering Education and Research (CEER). Drosdick, a Bryn Mawr resident, is a 1965 Villanova engineering graduate. He was chair of the university's board of trustees from 2001 to 2008. The Engineering Innovation Lab will feature a two-story, 3,330 square-foot open garage equipped with an overhead crane that will enable engineering work that cannot be taught in a classroom. - Inquirer staff


Maryland appeal on Astra jobs

Maryland's two U.S. senators and four of the state's eight representatives are urging drug maker Pfizer Inc. to make sure that its proposed merger with AstraZeneca P.L.C. does not eliminate Maryland jobs. They sent a letter Monday to Pfizer chairman Ian Read, following a similar plea last week from the governors of Maryland and Delaware. AstraZeneca employs about 3,100 people in Maryland and about 2,600 in Delaware. The letter was signed by Sens. Barbara Mikulski and Ben Cardin, and Reps. C.A. Dutch Ruppersberger, Chris Van Hollen, John Sarbanes, and John Delaney. All are Democrats. - AP

Sales predict deals for Sam

Michael Sam's jersey is the No. 2 seller among NFL rookies, which may persuade companies to sign endorsement accords with the first openly gay player to be picked in the draft. "Every firm wanted to take a wait-and-see approach," said Cameron Weiss, who represents the defensive end. "Now, we have waited and are seeing." Sam, the Southeastern Conference defensive player of the year from the University of Missouri, was selected in the seventh and final round of the draft Saturday by the St. Louis Rams. Sam has already signed an endorsement agreement with Visa Inc., which is also an NFL sponsor. The only draft pick with higher jersey sales is former Heisman Trophy-winning quarterback Johnny Manziel, who was selected 48 hours earlier by the Cleveland Browns in the first round of the draft on May 8. - Bloomberg News

Chrysler sales jump

Chrysler Group's first-quarter sales jumped thanks to the new Jeep Cherokee and Ram pickup, but it lost money because of charges related to its merger with Italian automaker Fiat SpA. Chrysler posted a loss of $690 million for the quarter. Without one-time costs of $1.2 billion, the company's net income more than doubled to $486 million. In January, Fiat paid $3.65 billion to acquire Chrysler's remaining shares. - AP