MARIA PANARITIS: Coming up: A big payday is on the horizon for a Malvern company that launched on little more than a shoestring just a few years ago. We’ll tell you who it is. A waste disposal company wants to take the stench out of
MARIA PANARITIS: Call it the little company that got a big payday in no time flat. Malvern’s Protez Pharmaceuticals is being scooped up by Novartis AG in a deal that could be worth as much as $400 million. Word of today’s deal comes just five years after Protez took its first stab at developing antibiotics. Initial investment? A mere $800,000 in venture capital. Novartis says it has high hopes for an anti-infection drug in the Protez pipeline. Novartis will pay $100 million upfront for Protez, but if all goes well and the new drug is approved, Novartis will kick in another $300 million.
Chances are, you already know something about this story, because of its stench. The waste treatment plant that makes a summer drive over the
It may not feel that way on a rainy day, but the city’s most important bike race is just around the corner. It started 23 year ago as the Core States Pro Cycling Championship. These days, it’s called the Philadelphia International Championship, and it’s part of the Commerce Bank Triple Crown of cycling. Riders hit the Manayunk Wall this Sunday. The event may look simple—cyclists looping around the city—but it doesn’t come cheap. It costs around $2 million, including $200,000 for flying in five eight-member teams and their crews from
That’s it for today. At the Inquirer, I’m Maria Panaritis for Philadelphia Business Today.