Education
Marshall B. Ketchum University in Fullerton said Edward Fisher will be dean of its new College of Pharmacy, effective Jan. 4. Ketchum plans to enroll its first students in the college next fall. Fisher will oversee its accreditation efforts. He’s helped launch two pharmacy colleges and is currently professor and associate dean at a pharmacy school in Hawaii.
Finance
Foothill Ranch-based LoanDepot Inc. withdrew its initial public offering, citing “market conditions.” The mortgage lender this month set the terms for the IPO that valued the company at about $2.5 billion. It had planned to sell up to 34.5 million shares of common stock at $16 to $18 each to raise as much as $621 million and net about $450 million.
Newport Beach-based wealth management firm United Capital Financial Advisers LLC completed two acquisitions. It assumed the assets of Hunt Valley, Md.-based PSA Insurance & Financial Services, including PSA’s retirement plan and wealth management practices. It also acquired the $270 million in assets of Select Financial Group LLC in Pittsburgh, Pa.
Pacific Investment Management Co. said in response to a lawsuit filed by firm co-founder Bill Gross that Gross’ claims should be thrown out. Gross says in his suit that Pimco forced him out so it wouldn’t have to pay him $200 million from a bonus pool last year.
Irvine-based Banc of California named James McKinney its chief financial officer, succeeding Ron Nicolas, who announced in August his plans to resign, effective Nov. 15. The bank named Brian Kuelbs chief investment officer and Francisco Turner chief strategy officer, both new positions.
Healthcare
Drugmakers Allergan PLC and Pfizer Inc. are considering a plan to make Allergan Chief Executive Brent Saunders head of a combined company if they reach a takeover deal, Bloomberg Business reported, citing unnamed sources (see related stories, pages 1, 7). New York-based Pfizer said last month that it was in “preliminary friendly discussions” about buying Allergan, which has a tax-friendly headquarters in Dublin, Ireland, operates from New Jersey and has several key business lines centered in Irvine. Sources told Bloomberg that if the companies combine, the 45-year-old Saunders would take the reins of the faster-growing business of new brand-name drugs. Another unit would contain older drugs at or near the end of patent protection, making it a likely spinoff candidate. Spokespeople for Allergan and Pfizer declined comment on the reports.
Media
Freedom Communications Inc. in Santa Ana said Steve Churm stepped down from his position as chief revenue officer to join Aliso Viejo-based FivePoint Communities Management Inc. as chief communications officer. Churm joined Freedom as vice president when it acquired his Newport Beach-based Churm Media in 2012. Lake Trout was named senior vice president of Freedom sales, and Natalie Rubalcava was appointed vice president of Freedom sales operations. Separately, Freedom said it has received a third offer of a loan to help it maintain operations while its goes to auction. The offer was disclosed during a hearing Friday at the U.S. Bankruptcy Court’s Central District of California. William Lobel, an attorney for Freedom, didn’t identify the source of the offer to the court. It’s expected that the entity will join two others that have offered financing—Tribune Publishing Co. and an investment group led by Freedom Chief Executive Richard Mirman and Chairman Eric Spitz—in making a bid for Freedom at auction in coming months.
Technology
Chipmaker Microsemi Corp.’s latest cash-and-stock bid to acquire PMC-Sierra Inc. was deemed a “superior proposal” by the board of the Sunnyvale-based target company. Aliso Viejo-based Microsemi was informed that a newly increased bid of $11.97 per outstanding share of PMC stock trumped the $11.60 cash proposal by Apple supplier Skyworks Solutions Inc. The Microsemi bid is valued at roughly $2.34 billion. PMC’s board informed it of its intent to approve and recommend the proposal.
Other
Emerald Expositions LLC in San Juan Capistrano paid an undisclosed amount to acquire National Industrial Fastener & Mill Supply Expo from the show’s co-owners. The recent expo, held at the Sands Expo & Convention Center in Las Vegas, featured about 600 exhibitors. Emerald puts on more than 80 business-to-business tradeshows across the U.S.
