EXECUTIVE SUMMARY
Compiled by Mike Mason
Costa Mesa-based Emulex Corp. said it plans to sell $450 million worth of convertible bonds due 2023 in a private placement. Emulex said it will use the funds to buy up to 1.5 million shares, repurchase all or a portion of the company’s 1.75% convertible bonds due 2007 and for general corporate purposes, including potential acquisitions … Santa Ana-based MSC.Software Corp. won a deal from Oshkosh Truck Corp. to provide simulation software for an Army program to build vehicles that can be remade for different combat missions … Irvine-based SSP Solutions Inc. pushed back its annual meeting four days to Dec. 23 to allow enough time for shareholders to receive proxy materials.
HEALTHCARE
Irvine-based Cardiac Science Inc. won a patent for its Powerheart AED G3 device used to treat heart attack victims. The company expects to start selling the device in the next few months after it gets approval from the Food and Drug Administration … Irvine-based Allergan Inc. and Durham, N.C.-based Inspire Pharmaceuticals Inc. said they will co-sell Allergan’s eye allergy drug Elestat, which was approved by the U.S. Food and Drug Administration in October. Inspire will give Allergan an upfront payment, while Allergan will pay royalties to Inspire on Elestat sales. Terms of the deal weren’t disclosed … Costa Mesa-based Valeant Pharmaceuticals International priced $300 million of corporate bonds due 2011. The bonds will pay 7% interest … Irvine-based Sicor Inc. set a Jan. 16 shareholders meeting to vote on Israel-based Teva Pharmaceutical Industries Ltd.’s $3.4 billion buyout offer … Irvine-based Micro Therapeutics Inc. said it raised $17 million from the sale of convertible bonds. Funds managed by Warburg Pincus and The Vertical Group bought $13 million of the bonds … Irvine-based Edwards Lifesciences Corp. said it is looking for a buyer for its LifePath AAA Endovascular Graft System used to treat abdominal aneurysms. Edwards said it wants to focus on developing its heart valve and catheter technology … Fullerton-based Beckman Coulter Inc. bought cell imaging devices and software from San Diego’s Q3DM Inc. for an undisclosed amount of cash and royalties … Tustin-based AMDL Inc. said Canada’s University of Alberta filed a suit charging AMDL with interfering in a deal between the university, a professor and another company. The suit stems from AMDL’s $2 million buy of professor Dr. Lung Chang’s rights to the Combination Immunogene Therapy in 2001. The license for the treatment formerly was held by AcuVector, which also has sued AMDL … Lake Forest-based medical device maker Cooper Cos. said its operating profit for the quarter ended Oct. 31 rose 30% to $28.9 million, versus a year earlier, on a 19% gain in sales to $113 million. Cooper said it expects its 2004 sales to rise at least 13% to $465 million, versus this year.
REAL ESTATE
Tustin-based G REIT Inc. paid $113.6 million for Long Beach’s One World Trade Center office tower. G REIT bought the 27-story tower from Phoenix-based Ensemble Partners and Boston-based AEW Capital Management LP.
FINANCE
Edison, N.J.-based DL Capital Group LLC sued the Nasdaq Stock Market after taking a loss on a trade of Santa Ana-based Corinthian Colleges Inc. on Dec. 5. Trading in Corinthian stock was halted when shares plunged 19 points to 39 due to a trading error. The suit alleges Nasdaq violated federal securities laws by canceling 12 minutes’ worth of trades in Corinthian stock, which closed the day nearly unchanged. Meanwhile, New York’s Wechsler Harwood LLP filed a class action lawsuit against Nasdaq, alleging trading violations against the exchange. The Pacific Exchange said in a letter to the Securities and Exchange Commission that it was concerned about Nasdaq’s “mishandling” of the trading halt … Irvine-based subprime mortgage lender New Century Financial Corp. raised its quarterly dividend 60% to 16 cents a share.
GOVERNMENT
Coast Community College District trustees approved the terms of KOCE-TV Foundation’s $28 million offer to buy KOCE-TV Channel 50. Board members plan to sign a definitive agreement by Feb. 8, with approval from the Federal Communications Commission expected by mid-year … The state Coastal Conservancy said it OK’d a $12.5 million grant toward restoring Upper Newport Bay. Most of the funds for the $37.5 million project came from the Army Corps of Engineers. Work could begin as early as next fall … The Orange County Business Council said it will give up to $10,000 in a bid to get an open primary initiative on the November 2004 ballot.
WHAT ELSE IS NEWS
Aliso Viejo-based Fluor Corp.’s fleet management and construction support unit said it won a $40 million deal to manage Jamaica Public Services Co.’s vehicles, vans and construction equipment … Walter Parks, the former chief administrative officer for Foothill Ranch-based Wet Seal Inc., has been tapped as the chief financial officer at Brisbane-based Bebe Stores Inc. … BuyServices.com, a spinoff of Aliso Viejo-based online retailer Buy.com Inc., said it’s been hired to build Internet stores for MTV Networks Music Group, a unit of Viacom Inc. … Attorney General Bill Lockyer is investigating whether Frank Barbaro, board member of the Orange County Market Place, can make swap meet-related decisions or whether he has a conflict of interest. Barbaro runs American Online Tickets, which has a booth at the Orange County Fairgrounds, where the swap meet is based … Costco Wholesale Corp. was told to redo the traffic portion of its environmental impact report on a proposed 143,000-square-foot store in La Habra. The City Council approved the store earlier this year, but it was challenged by the group Concerned Citizens of La Habra.
