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Business news in brief

In the Region

Radian unit sale nets $789M

Radian Group Inc. sold its unit that insures municipal bonds to Assured Guaranty Ltd., for net proceeds of $789 million, the Philadelphia company said. The sale of Radian Asset Assurance Inc. will help Radian's primary business, a private mortgage insurer, meet new financial requirements for mortgage insurers that are expected to go into effect at the end of this year. Counting proceeds from the Asset Assurance sale, Radian said in December that it expected to have a net shortfall of $400 million when the new rules go into effect Dec. 31. But insurers have time to meet the new standard, and Radian said it expected to be in compliance by June 30, 2017, the end of the transition period. - Harold Brubaker

Hadco Metal gets Pa. loan

The state-run Pennsylvania Industrial Development Authority said Wednesday that Hadco Metal Trading Co., L.L.C., was awarded a $2,250,000, 15-year loan at 2.25 percent to purchase and renovate an existing 378,000-square-foot warehouse to create a central logistics center in Bensalem, Bucks County. In exchange for the loan, the company agreed to invest more than $10.45 million, create three new jobs and retain 109 existing employees. - Inquirer staff

DuPont sues to avoid payment

DuPont Co. sued MacDermid Printing Solutions L.L.C. contending it's wrongly trying to collect a $65 million judgment in a case that didn't even name DuPont. The dispute, with roots dating back 14 years, involves litigation in four states, according to the most recent complaint, filed Monday in federal court in DuPont's home state of Delaware. - Bloomberg News

Ketchup packet patent verdict

A federal jury on Wednesday rejected a Michigan man's claims that a condiment package he patented in 1997 led H.J. Heinz Co. to develop its Dip & Squeeze ketchup packets in 2010. David Wawrzynski, 44, sued Heinz in U.S. District Court in Pittsburgh, claiming the "Little Dipper" package he invented led the Pittsburgh-based company to develop its dual-function package. A lid can be peeled from the Dip & Squeeze so food can be dipped into the ketchup, or the end can be torn off so the ketchup can be squeezed onto food. The jury agreed that Wawrzynski had brought a novel idea to Heinz but disagreed with his claims that Heinz used it in developing the Dip & Squeeze and that Heinz, therefore, owed him money. Had jurors ruled in favor of Wawrzynski, there would have been a second trial to determine how much money Heinz owed him. - Associated Press


Sarepta Therapeutics CEO quits

Sarepta Therapeutics Inc. chief executive officer Chris Garabedian resigned as the biotechnology firm seeks to improve relations with regulators. Chief medical officer Edward Kaye will serve as interim CEO while the company seeks a new leader, according to a company statement. Sarepta is based in Cambridge, Mass. Sarepta is developing a drug for duchenne muscular dystrophy, a rare disorder that affects boys, causing muscle degeneration and death, often by their mid-20s. Sarepta's new drug application to the Food and Drug Administration was delayed in 2014 when the FDA asked the biotech company for more data. The FDA decision sent Sarepta's shares tumbling 32 percent. - Bloomberg News

GoDaddy goes public

GoDaddy Inc. gained in its trading debut, after the company raised $460 million in a larger-than-expected initial public offering. Shares of the 18-year-old company, which provides Internet domain-name registration and hosting services, rose 31 percent to $26.15 at 4 p.m. in New York. GoDaddy's pitch to investors is that its customer base of small businesses seeking new websites will keep growing. Revenue grew 23 percent in 2014, which was faster than rivals Endurance International Group Holdings Inc. and Germany's United Internet AG.

Florida county dislikes trains

Florida's Indian River County, which is in the path of All Aboard Florida's Miami-to-Orlando high-speed rail line, sued to halt the U.S. Transportation Department's allocation of $1.75 billion of tax-exempt bonds for the project, arguing that they were approved without required environmental reviews. The county said the line would disrupt business and damage neighborhoods, according a complaint filed in Washington federal court. - Bloomberg News

Morgan Stanley CEO gets raise

Morgan Stanley boosted chief executive officer James Gorman's pay 25 percent to $22.5 million, the most in his five years leading the firm. Total pay for Gorman, who's also chairman, rose for the second straight year. He received an $18 million compensation package for 2013, almost double that of a year earlier. Gorman, 56, received a $6.5 million long-term incentive and $5.4 million in deferred cash for his work in 2014, the bank said in a regulatory filing. - Bloomberg News