In the Region MedImmune licenses rights to technologies...

BUSINESS DIGEST

April 20, 2002

In the Region

MedImmune licenses rights to technologies for cancer research

MedImmune Inc. of Gaithersburg said yesterday that it licensed worldwide rights to two new technologies that would expand its research and development of cancer treatments.

MedImmune said one agreement with Panacea Pharmaceuticals Inc., a Rockville biopharmaceutical company, is for technology targeting an enzyme found in excessive quantities in a variety of primary cancerous tumors. The other agreement, with A&G Pharmaceutical Inc. of Baltimore, is for technology targeting a growth factor produced by breast cancer cells.

MedImmune said it made equity investments in each company along with upfront payments, and will pay future potential royalties. Specific amounts were not disclosed.

Auto junkyard in Arbutus to become offices, shops

A decades-old automobile junkyard in Arbutus will be transformed into offices, warehouses and shops, according to the real estate company that worked out the deal.

Eichelman Brothers Inc. sold the 50 acres at 3406 Washington Blvd. in Baltimore County to Merritt Properties LLC for $3.3 million, said Trammell Crow Co., which represented the buyer and seller.

Merritt plans several buildings on the site that, it says, will complement the Beltway Business Community on the site's southern border. Merritt has developed 800,000 square feet of space in that area.

Constellation Energy names information officer

Constellation Energy Group Inc. has named former Enron Corp. executive Beth S. Perlman vice president and chief information officer, effective Monday.

Perlman had been vice president of Enron Wholesale Trading Technology since 2000.

Constellation said Perlman replaces Gene Taylor, its acting chief information officer, who elected to retire early. Taylor will stay until June 1 to assist with the transition.

In the Region

Delta, US Airways, Continental raise leisure airfares $20

Delta Air Lines Inc., US Airways Group Inc. and Continental Airlines Inc. raised airfares $20 yesterday as they tried for the second time this month to revive revenue after the attacks of Sept. 11.

United Airlines raised the price of some discounted business and leisure fares Wednesday night, and American Airlines raised its leisure fares on Thursday.

Continental, the No. 5 U.S. carrier, started a similar increase April 12 that failed after Northwest Airlines Corp. didn't follow suit. Northwest, typically a spoiler in airfare increases, increased prices on a smaller number of discounted fares Thursday but declined to comment yesterday on whether it might match the latest increase.

Nippon makes promise of profitability in 3 years

Two weeks after announcing the biggest loss for a nonfinancial corporation in Japanese history, Nippon Telegraph and Telephone said yesterday that it would restore its profitability over the next three years, in part by cutting 17,000 jobs, about 8 percent of its work force.

The world's largest phone company said it hopes to increase revenue by 6 percent by March 2005, to 12.6 trillion yen ($96.6 billion), and to be earning 1.5 trillion yen ($11.5 billion) in operating profit by then.

The company is booking a net loss of 865 billion yen ($6.7 billion) in the fiscal year that ended March 31, largely because of the fall in value of the company's overseas investments. Half the turnaround will be accomplished through cost-cutting, NTT said. Besides the job cuts, the company will slice 15 percent off its capital spending budget, which many analysts have said was a bloated legacy of former days as a government-run monopoly.

This column was compiled from reports by Sun staff writers, the Associated Press, The New York Times and Bloomberg News.

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