APPAREL
Alstyle Apparel will close its Anaheim distribution center and lay off 81 people, according to filings with the state. It was bought two years ago by Gildan Activewear, which last year purchased the American Apparel brand. A Gildan spokesman told Apparel News that work there will be consolidated with that at a Jarupa Valley center that ships American Apparel products.
— Hannah Mitchell
EDUCATION
The University of California-Irvine, named L. Song Richardson dean of its law school, replacing Erwin Chemerinsky. She’d served as interim dean since July, when Chermerinsky left to become dean of the University of California-Berkeley law school.
— Peter J. Brennan
FINANCE
Irvine-based First Foundation Inc. will buy PBB Bancorp for $106 million in stock, giving it access to wealthy L.A. neighborhoods and adding $587 million in assets. The companies had a combined $4.7 billion in assets as of Sept. 30. L.A.-based PBB Bancorp is parent company of Premier Business Bank and its community bank divisions. The transaction is scheduled to close in the second quarter.
— Peter J. Brennan
Newport Beach-based wealth management firm United Capital Financial Advisers LLC, with $20.7 billion in assets under management, is buying Payne Wealth Partners in Evansville, Ind., to add $530 million in assets.
— Peter J. Brennan
HEALTHCARE
Tustin-based drug manufacturer Peregrine Pharmaceuticals Inc., which has been in a proxy battle, named Roger J. Lias chief executive and president and said it’s changing its name to Avid Bioservices, its contract unit. Lias succeeds Steven W. King, who resigned to “pursue other professional interests,” according to a press release.
— Peter J. Brennan
MemorialCare in Fountain Valley formed a joint venture with Los Angeles-based outpatient imaging center operator Radnet Inc. that combines 10 of its centers and 24 of RadNet’s centers to offer coverage in OC, Long Beach, the South Bay and Southern L.A. RadNet will own 60% of the venture and run the facilities under a new brand. MemorialCare will buy RadNet’s five breast imaging centers in OC and Long Beach to add to the five it owns.
— Sherry Hsieh
Allergan PLC Chief Operating Officer Robert Stewart resigned to become president and chief executive of Amneal Pharmaceuticals LLC, starting on Jan. 25, according to Securities and Exchange Commission filings. He’ll be replaced by current Senior Vice President of Global Operations Wayne Swanton.
— Sherry Hsieh
Irvine-based Aerie Pharmaceuticals received Food and Drug Administration approval for glaucoma eye drop Rhopressa. Chief Executive Vicente “Vince” Anido said Aerie plans to hire 100 sales reps in the first quarter and launch sales efforts by midyear.
— Sherry Hsieh
Spectrum Pharmaceuticals Inc. said its board dismissed Chief Executive Rajesh Shrotriya without cause in accordance with Shrotriya’s agreement with the company. Joseph Turgeon, former president and chief operating officer, replaced him. Thomas Riga, executive vice president, chief commercial officer and head of business development, was named chief operating officer. Shrotriya remains on the board, and current director Stuart Krassner is now chairman.
— Sherry Hsieh
Presbia PLC’s executive chairman and chief executive resigned, and the eye care device maker said it will cut expenses as it considers a $5 million investment from an affiliate of its majority shareholder. Mark Yung was named chairman and chief executive, replacing Executive Chairman Randy Thurman and Chief Executive Todd Cooper. Presbia said it will focus on getting U.S. approval and selling in Germany and South Korea. It laid off 15 of its 39 employees, filings show.
— Sherry Hsieh
Sonendo Inc. named Michael Watts chief financial officer. He most recently served in the same position at Signal Hill-based The HydraFacial, which makes noninvasive equipment and consumables. Laguna Hills-based Sonendo develops dental technologies. Watts replaced John “Jack” Glenn, according to his LinkedIn profile.
— Sherry Hsieh
TECHNOLOGY
The board of San Diego-based Qualcomm Corp. won’t nominate any of the 11 candidates recommended by rival Broadcom Ltd. and investor Silver Lake Partners, the latest turn in the hostile takeover attempt. Qualcomm shareholders are scheduled to vote on board nominations at the annual shareholder meeting on March 6.
— Chris Casacchia
