Business briefs, June 5
CED report: NC sees nine IPOs in 2013
DURHAM – Investment in life science start-up companies in North Carolina outpaced investment in technology entrepreneurial businesses in 2013, a new report from a Durham-based nonprofit found.
The “Innovators Report,” released Wednesday by Durham’s Council for Entrepreneurial Development, said that start-up companies across the state raised more than $461 million through equity investments, grants and awards in 2013.
The funding came from 108 different organizations or people, and of that number, 75 percent were from outside the state.
Life science companies took the greatest share. Life science entrepreneurial organizations received more than $275 million, compared with more than $116 million for in tech companies. Life science firms also beat tech companies in the total numbers of deals.
The report also found that there were a total of nine IPOs last year, compared with none in 2012 and in 2011, and three in 2010.
Tri Pillar Investments acquired by Atlanta firm
DURHAM –Durham-based Tri Pillar Investments, an investment advisory firm with $65 million in assets under management, has been acquired by Atlanta Capital Group.
Tri Pillar’s President Troy Buder has been named a managing director with Atlanta Capital Group and will remain the head of the Triangle region office, according to a news release.
A majority of Tri Pillars Investments’ clients are in health care and life sciences. The move is expected to give the Atlanta firm and its growing medical wealth group a presence in the Research Triangle Park area.
Atlanta Capital Group is a private wealth advisory firm serving high-net worth clients, with offices in Atlanta, New York, Boston and St. Simons. The firm surpassed $1 billion in assets under management this year. The acquisition of Tri Pillar was the firm’s 13th.
“ACG sees the health care industry as a growth area for the next three decades,” said David Millican, founding principal partner for Atlanta Capital Group, in a prepared statement. “Tri Pillar Investment President Troy Buder has done an incredible job making inroads into this high-barriers-to-entry industry.”
N.C., 44 others states settle with GSK
RALEIGH — North Carolina's attorney general says GlaxoSmithKline is paying 45 states $105 million to settle allegations that the company unlawfully marketed drugs.
Attorney General Roy Cooper's office announced the settlement on Wednesday.
The Consumer Protection Division filed a complaint and consent judgment in Wake County Superior Court against GlaxoSmithKline on Wednesday. North Carolina will receive $2.5 million as its share of the judgment.
The settlement resolves allegations that GSK illegally marketed Advair, Paxil and Wellbutrin for purposes that had not been approved by the Food and Drug Administration. Once the FDA approves a drug as safe and effective, a manufacturer cannot market or promote that drug for an unapproved use, a practice called off-label marketing.