|
CNNfn after the bell
|
 |
March 10, 1999: 5:52 p.m. ET
Amgen cuts deal, execs retire at Pixar and Nova, Aurora buys Chef's choice
|
NEW YORK (CNNfn) - Wednesday's close brought news of executives' retirement from Pixar and Nova, report of a deal to develop a treatment for prostate cancer, a buyout at Aurora Foods, and plans for a bond offering from a software developer.
Biotech company Amgen (AMGN) announced plans to collaborate with Praecis to develop a drug for prostate cancer. The company says the deal will result in $100 million of expense in 1999.
The two companies will collaborate on abarelix, a drug in phase III trials in patients with hormonally-responsive prostate cancer. Phase III trials are typically the last step before seeking regulatory approval for a drug.
Amgen said it feels comfortable with current analysts' expectations of sales growth in the mid- to high- teens throughout 1999.
In other news, digital animation studio Pixar (PIXR) announced the resignation of its chief financial officer and executive vice president, Lawrence Levy, who will step down at the end of March. Levy will join the company's board of directors.
"After four years of growing the studio, I am stepping down to take personal time," Levy said. "Following the smooth transition, I very much look forward to contributing to Pixar as a board member."
Also making news in the world of corporate retirement was Nova Corp. (NIS) Chief Financial Officer James Bahin, who plans to retire by the end of the year for personal reasons.
The consumer financial services company said it is conducting a search for Bahin's successor and that his retirement will not be effective until a replacement is named.
In other news, Aurora Foods (AOR), announced plans to acquire Chef's Choice brand of skillet meals for $50 million. Chef's choice is distributed in roughly half of the United Stated, and reported sales of $57 million for the fiscal year ended in January.
And finally, making news on the technology front was software company Citrix Systems (CTXS). The company says it's planning on raising $300 million dollars through a convertible notes offering.
- from staff and wire reports
|
|
|
|
|
 |
|
