Compiled by Pat Maio
TOP STORIES
A company set up by Gil Amelio and other former Apple Computer Inc. executives to buy a technology company is acquiring Newport Beach chipmaker Jazz Semiconductor Inc. for $260 million.
Newport Beach’s Acquicor Technology Inc., which raised $173 million in a public offering earlier this year, is paying cash for Jazz, with financing from Wachovia Corp.
Jazz had filed to go public earlier this year, looking to raise $105 million.
Acquicor is backed by Amelio, a former Apple chief executive, Apple cofounder Steve Wozniak and Ellen Hancock, Apple’s technology chief under Amelio.
Earlier in Amelio’s career, he ran what became Newport Beach-based Conexant Systems Inc., which split off Jazz in 2002. Conexant expects to get $100 million from the sale of its stake in Jazz.
IBM Corp.’s $1.6 billion acquisition of data and content management software provider FileNet Corp. of Costa Mesa received antitrust approval. The deal remains subject to other closing requirements.
Gateway Inc. opened a computer assembly plant in Nashville. Gateway opened the plant as part of its bid to boost sales and delivery to businesses and consumers buying directly from the company. First-year employment in Nashville is expected to be more than 300 people with an annual payroll of about $8 million.
The Securities and Exchange Commission filed suit against the former chief financial officer of Irvine-based Lantronix Inc. The SEC charges that Steven Cotton planned a scheme to defraud investors with false financial results in 2001 (see story, page 17).
Allergan Inc. is coming out with Juv & #269;derm, a wrinkle reducing drug it acquired in its $3.2 billion buy of Santa Barbara’s Inamed Corp. The Irvine drug maker said it was introducing Juv & #269;derm through an “experience trial” using cosmetic surgeons.
Advanced Medical Optics Inc., the Santa Ana-based eye device and contact lens care products maker, cut its outlook for the rest of the year. Advanced Medical said it expects its 2006 profit to come in at $112.7 million to $115.7 million. The company expects revenue of $1.01 billion to $1.02 billion. Wall Street had expected Advanced Medical to earn $124.6 million on sales of $1.03 billion this year.
Spectrum Pharmaceuticals Inc., an Irvine cancer drug developer, said a study showed its lead drug, satraplatin, slowed the progression of cancer. Spectrum said it expects an application to be filed with the Food and Drug Administration for satraplatin by the end of this year.
Irvine-based Mavent Inc., a software developer for the mortgage industry, has raised $10 million to support product development and customer growth. Mavent provides compliance software and services for mortgage companies (see story page 21).
Commerce Energy Group Inc., a Costa Mesa-based power marketer, said it completed the acquisition of roughly 300 commercial and industrial natural gas customer accounts from Houston Energy Services Co. for $4 million. The accounts are in California, Florida, Kentucky, Nevada and Texas.
Irvine-based-Quantum Fuel Systems Technologies Worldwide Inc. has started talks with Miljo Innovasjon AS of Norway to form a venture to develop electric vehicles in Norway, Europe and China.
Corinthian Colleges Inc., which operates nearly 100 schools in North America, reported unaudited results for the June quarter that had been delayed by a stock options probe. Corinthian met expectations for the quarter but warned about the September quarter and the 12 months through next June.
ECONOMIC INDICATORS
Down: The median price of a detached home in Orange County fell nearly 2% in August from a month earlier and now stands below the level of a year ago, the California Association of Realtors said. The median detached home price in August was $698,080, down 1.8% from July. The record median high for the county was $729,370 in April. August’s median sales price was down 2.5% from a year earlier. The pace of OC home sales continued to soften, falling 32.4% from a year ago. It’s the third straight month of yearly sales drops of more than 30%.
