FINANCE

Avid Expects $20M from Secondary Offering

Tustin-based Avid Bioservices Inc. yesterday priced a public offering of 9 million shares of common stock at $2.25 apiece, and expects more than $20 million in gross proceeds after the offering closes next week.

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Business Journal Fetes Five CFOs

A crowd of some 600 gathered to honor Orange County financial executives at the Business Journal’s 11th annual CFO of the Year Awards Thursday night.

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UCI Prof Joins Acacia in Restaurant Robotics

A Chicago hospitality company has joined Acacia Research Corp. in an investment in a Pasadena-based robotics maker for the restaurant industry, and a University of California-Irvine professor has joined that firm’s advisory board.

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Mazzo Retrial to Jury

For the second time in a year, the fate of Jim Mazzo is in the hands of a federal jury. Prosecutors are again alleging that the founder and former chief executive of Advanced Medical Optics (AMO) violated insider trading laws when he disclosed to his friend and Laguna Beach neighbor Doug DeCinces that his company was being bought by Abbott Laboratories.

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Taco Bell Picks 2 Leaders

Irvine-based Taco Bell said senior executives Julie Felss Masino and Liz Williams will co-lead the company when Chief Executive Brian Niccol departs for the top slot at Chipotle Mexican Grill Inc. in Denver on March 5.

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Avid Sells Oncology Drug

Avid Bioservices Inc. in Tustin will sell its clinical-stage immunotherapy cancer drug candidate to Oncologie Inc. for $8 million upfront—with payments spread over six months—and up to $95 million in development, regulatory and commercialization milestones.

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Niccol to Lead Chipotle

Brian Niccol will leave the top slot at Taco Bell to lead Chipotle Mexican Grill, effective March 5.

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Mechanics Buys Scott Valley Bank

Mechanics Bank (OTCBB: MCHB) said it will acquire Learner Financial Corp., the bank holding company for Scott Valley Bank, to add $692 million in assets. Terms weren’t disclosed.

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Pacific Premier Buys Grandpoint

Irvine’s Pacific Premier Bancorp (Nasdaq: PPBI) agreed to acquire Grandpoint Capital Inc. (OTC Pink: GPNC) in an all stock deal valued at $641.2 million.

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New Bank Opens in Santa Ana

Infinity Bank opened on Feb. 1 in Santa Ana, the first new bank in a year in Orange County.

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Qualcomm Rejects $121B Broadcom Bid

The board of Qualcomm Inc. today unanimously rejected Broadcom Ltd.’s latest unsolicited cash and stock bid of $121 billion, or $82.00 per share.

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J&J-Backed ReVision Optics Closes

Lake Forest-based ReVision Optics Inc. has shut down saying, “it is with regret, that we have to close our doors.”

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Evolus Prices IPO

Irvine-based Evolus Inc. priced its initial public offering of five million shares of common stock at $12 per share, the low end of an earlier-announced $12 to $14 range.

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Allianz to Pay $12m to Settle 401k Suit

A California federal judge this week gave preliminary approval for Allianz Asset Management of America LP to pay $12 million to settle allegations it didn’t adequately provide alternatives to its employees for their retirement plans.

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Taco Bell Parent Puts $200M to Delivery

Yum Brands Inc. in Louisville, owner of Irvine-based Taco Bell, will buy 3% of GrubHub Inc. in Chicago for $200 million.

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TTM Down on Q1 Outlook

Shares of TTM Technologies Inc. declined about 3% to a $1.5 billion market cap after the Costa Mesa-based company provided an outlook on adjusted profits this quarter that were below Wall Street expectations.

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Debt Servicer Buys Second Disney-Area Hotel

An affiliate of CW Capital Asset Management LLC bought the Portofino Inn & Suites for $26 million, its second such deal in the last few years for the bad debt of a Disneyland Resort-area hotel.

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Hsieh Hires Heller for 'mello' Unit

LD Holdings Group LLC, parent company of loanDepot, the nation’s fifth largest retail lender, today named real estate executive Chris Heller to head its recently-launched mello Home business.

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Billionaire to Buy Times, U-T for $590M

An L.A. biotech billionaire who tried to buy the Orange County Register two years ago has agreed to buy the Los Angeles Times and San Diego Union-Tribune for $590 million, including pension liabilities.

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Parks Boost Disney Again

Walt Disney Co.’s parks and resorts unit, which includes Disneyland Resort in Anaheim, reported double-digit increases in revenue and operating income which pushed the Burbank entertainment giant’s shares up 2% after-hours to a $160 billion market cap.

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Boardriders Names CEO

Leadership changes were announced on Tuesday for Huntington Beach-based Boardriders Inc. following the recent tragedy involving Chief Executive Pierre Agnes.

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Allergan Q4 Strong

Allergan PLC reported strong fourth-quarter revenue of $4.3 billion, up 12% from a year earlier, and full-year revenue of nearly $16 billion, a 9.4% increase.

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Allergan Appoints CFO

Allergan PLC named Matthew Walsh chief financial officer, effective “later this month.”

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Broadcom Boosts Bid for Qualcomm to $121B

Broadcom Ltd. raised its hostile bid for San Diego rival Qualcomm Inc. this morning to $121 billion, or $82.00 per share.

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Allied Universal Buys 1,900-Employee Firm

Santa Ana-based Allied Universal, the biggest private security force in North America with over 150,000 employees, bought Covenant Security Services Ltd., a unit of Covenant Services Worldwide, on undisclosed terms.

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