TOP STORIES
Alpine Biomed Holdings Corp., a Fountain Valley-based medical device maker, was bought for $43.2 million by Natus Medical Inc. of San Carlos. Natus, which makes devices for screening, detecting and monitoring diseases, said it bought Alpine to expand its neurology business. Alpine’s majority owner was Water Street Healthcare Partners LLC, a Chicago private equity firm. Water Street spent $50 million for a majority stake in Alpine in 2007. Alpine has yearly sales of about $30 million.
The original private equity suitor in an ongoing bidding war for Santa Ana’s MSC.Software Corp. twice upped its offer for the company last week. Palo Alto-based private equity firm Symphony Technology Group LLC raised its latest offer to match the most recent counter bid of $361 million. The counter bid was made by an undisclosed group of private equity firms, which had trumped Symphony’s original bid. MSC’s board plans to review the dueling offers along with advisers and lawyers. The company didn’t say when it would announce a decision.
TECHNOLOGY
Aliso Viejo’s Smith Micro Software Inc., a maker of software for wireless phones, agreed to buy Core Mobility Inc. for $10 million in cash and stock. Core Mobility, a Mountain View-based maker of smart phone software, is set to operate as a subsidiary of Smith Micro. The deal, expected to close by year’s end, could amount to more if Core Mobility reaches sales and product development goals.
Irvine’s Broadcom Corp. filed a lawsuit in federal court in Santa Ana against one-time acquisition target Emulex Corp. for alleged patent infringement. Broadcom contends that Emulex infringed on 10 of its patents for chips related to high-speed networking and data storage technologies, the company said in a statement. Emulex said it’s reviewing the patents associated with Broadcom’s complaint, but declined to comment beyond that.
HEALTHCARE
The Food and Drug Administration sent a warning letter to Irvine-based Allergan Inc. about the Web site for its Latisse eyelash-growing drug. The FDA said the site suggests that Latisse, which Allergan introduced earlier this year, was safer than has been proven. Regulators said that Latisse’s Web site and other promotional materials from Allergan were “misleading” because they omitted and minimized risks associated by Latisse, including changes in eye color and redness. The FDA said it asked Allergan to immediately stop using the materials. Allergan said that it’s working with the FDA to address the concerns.
REAL ESTATE
San Clemente-based Sunstone Hotel Investors Inc. has turned over to lenders its second hotel since June after it couldn’t come to terms on reworking a $26 million mortgage. Sunstone forfeited its Marriott Ontario Airport, a 299-room hotel across the street from LA-Ontario International Airport. In June, Sunstone said it planned to turn over the W Hotel in San Diego to lenders, saying it may not be the company’s last forfeiture. Sunstone said it also has stopped making payments on a mortgage for the Renaissance Westchester Hotel in White Plains, N.Y., and is in talks with lenders about reworking the loan.
APPAREL
Huntington Beach-based Quiksilver Inc. has named an Americas president for its DC Shoes unit in a renewed push for a brand that only a few months ago was up for sale amid a financial crisis at Quiksilver. The company named Anton Nistl as Americas president for DC Shoes, a maker of shoes and clothes inspired by skateboarding. Nistl previously worked as senior vice president of sales at New York-based Vida Shoes International Inc., maker of shoes under the Baby Phat, Phat Farm, Osh Kosh, Carters Kids and other brands.
OTHER NEWS
An autopsy on Danny Pang, the indicted founder of Private Equity Management Group Inc. who died on Sept. 12 while free on $1 million bail, showed no signs of foul play, the Orange County coroner’s office said. Pang, of Newport Beach, was 42. Media reports show drugs in his system, but it will be two to three months before cause of death is determined. Pang was accused by the Securities and Exchange Commission of lying to Taiwanese investors about his credentials, forging insurance documents and paying existing investors with funds raised from new ones, while claiming the returns came from investments in life insurance policies.
A onetime assistant sheriff and trusted aide of convicted former Orange County Sheriff Michael S. Carona was sentenced early last week to 27 months in prison for scheming to defraud the public of honest services and filing a false tax return. George Jaramillo pleaded guilty in early 2007 to mail fraud and filing a false tax return, and agreed to cooperate with the government in its investigation. Last week, U.S. District Judge Andrew Guilford scolded Jaramillo for not accepting responsibility for his actions, ordered him to surrender in 45 days and imposed a $50,000 fine, as recommended by the probation office.
Lake Forest-based construction and engineering company Primoris Services Corp. said its ARB Inc. unit extended a contract with an undisclosed oil and gas company that could generate up to $50 million in revenue through 2012. Under the extension, ARB is set to do maintenance, repair work and pipeline construction.
