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Boston Business Journal
CureVac licenses vaccines to GSK, plans layoffs
CureVac NV, a German biopharma company with its U.S. headquarters in Boston, is licensing three of its vaccines in development to GSK plc, and plans to lay off hundreds of works.<\p> CureVac (Nasdaq: CVAC) and GSK have been working together since 2020 to make mRNA vaccines for infectious diseases. On Wednesday, the companies announced plans to restructure their existing deal into a new licensing agreement. <\p>
These are America's most-delayed flights
Airlines are expecting record-breaking traffic for the summer — and for the July Fourth holiday — but fliers on many routes would be wise to build in some extra time for their travel plans. <\p> That's according to an analysis by The Business Journals of the latest on-time data from airline analytics company Cirium Inc. The analysis looked at routes with at least 20 flights. <\p>
Desktop Metal to be acquired for up to $183M
Desktop Metal in Burlington is getting acquired by Nano Dimension Ltd., a manufacturer with U.S. headquarters in Waltham. <\p> Announced Wednesday, the 3D printing deal has a price tag of $183 million in cash and is expected to close in the fourth quarter of 2024. <\p>
BankFive renovates headquarters to implement AI capabilities
A Massachusetts-based bank has partnered with a leading tech company to revamp its headquarters using artificial intelligence.<\p> BankFive is working with NWN Carousel to design and implement integrated technology solutions to create an “ultra-modern” banking experience. <\p>
Five things you need to know, and 'the most pointless website'
Hello and Happy Wednesday. This is Managing Editor Don Seiffert filling in for Doug. On this Independence Day Eve, consider this: The U.S. Continental Congress voted in favor of independence on July 2, 1776. That's right: Yesterday. It was two days later that they adopted the Declaration of Independence, hence the July 4 celebration. But should we have been marking July 2 instead for the past 248 years? You be the judge. Meanwhile, here are five things you need to know in Boston business news.<\p> The state's most valuable drug company had been considering moving to a new headquarters in the Seaport, but sources tell Greg Ryan they've decided to stay put.<\p>
Mass. biotechs cut over 1,800 jobs in Q2 of 2024
While first-quarter 2024 may have provided hope that biotech layoffs were slowing down, the last three months changed that narrative. Twelve biotechs announced plans to cut over 1,810 jobs in the second quarter. That’s up from the roughly 330 Boston-area employees at 14 life science companies who lost their jobs in the first quarter of 2024.<\p> The majority of the more recent job cuts came from Takeda Pharmaceuticals Inc., Amylyx Pharmaceuticals Inc. and Ginkgo Bioworks. (The number of layoffs is also likely an undercount, as some Boston-area biotechs declined to provide specific information on job cuts.) <\p>
Community college nabs grant for healthcare workforce development
Quinsigamond Community College in Worcester has received $500,000 to support its healthcare workforce development programs. <\p> The grant, a Senator Kenneth J. Donnelly Workforce Success Grant, comes from the Gov. Maura Healey administration. It’s part of $15.9 million the administration and the Executive Office of Labor and Workforce Development is doling out for workforce development programs across the state, according to a release from QCC. A total of 90 students in both programs will receive support from the grant, including a training stipend. <\p>
Local biotech working on gene therapies to cure blindness lands $170M
Last year wasn’t ideal for fundraising in the biotech ecosystem as investors were wary to part with capital in a more challenging economic market. Beacon Therapeutics decided to bide its time, waiting for the right moment to bring in a new financing round. <\p> The company’s patience appears to have paid off.<\p>
Flying for the Fourth? Here’s how Logan’s delays compare.
Flight delays are a constant worry, ands the peak of summer travel can coincide with storms or other factors to lead to delays.<\p> Boston’s Logan International Airport isn’t immune, but its on-time flight rate is above average for airports across the U.S., according to a Boston Business Journal analysis of data from the airline analytics company Cirium.<\p>
Bob’s Stores to close all six Mass. locations
Bob’s Stores, a New England retailer that outlasted big-box peers such as Bradlees, Ames, Lechmere and Christmas Tree Shops, has now met the same end as all those other names from a different era in brick-and-mortar retail.<\p> Bob’s, which got its start in Connecticut in 1954 before expanding across the Northeast, will close all six Massachusetts of its locations:<\p>
MLK's daughter to lead new legal institute for minority businesses
Bernice A. King, a nationally-recognized civil rights advocate who is Martin Luther King Jr.'s daughter, has been named the honorary chair of a new arm of the New England Legal Foundation.<\p> King will head the Equalizer Institute, a segment of the public facing nonprofit hoping to bridge the gap between entrepreneurs from minority communities and the law to kickstart more successful businesses. The institute is envisioned as a new type of business law tool, and will use AI to crowdsource and match minority-owned businesses to legal experts, dating app style. <\p>
After considering a move, Vertex to stay at Fan Pier HQ
Vertex Pharmaceuticals plans to stay in its headquarters on Fan Pier in the Seaport District after considering moving elsewhere in the neighborhood, according to several real estate sources familiar with the decision.<\p> The state's most valuable locally based life science company (Nasdaq: VRTX) has decided to renew its leases at 11 Fan Pier Blvd. and 50 Northern Ave., where it occupies more than 1 million square feet, sources said. A Vertex spokesperson declined comment.<\p>
Avangrid's New England Wind gains construction permit
Avangrid Inc. (NYSE: AGR) has gained a federal Construction and Operations Plan (COP) for its two-phased New England Wind project. <\p> The building permit is the final major approval Avangrid needs to begin construction of New England Wind 1, a proposed 791-megawatt offshore wind project that would go up off the coast of Massachusetts. The company said Monday it expects a final “letter of authorization” from the National Marine Fisheries Service by the end of July. <\p>
As bird flu spreads in U.S., feds award Moderna $176M for vaccine
Moderna Inc. has landed government funding for late-stage development of its mRNA-based pandemic influenza vaccines.<\p> The Cambridge drugmaker said it was given $176 million through a project award from the U.S. Department of Health and Human Services on Tuesday.<\p>
Celtics co-owner Pagliuca plans to bid to keep team ownership
After the ownership group of the Boston Celtics announced it is selling the NBA franchise, one co-owner is looking to throw his hat in the ring of potential buyers. <\p> Steve Pagliuca, managing partner of the Celtics and member of the Boston Basketball Partners executive committee, said he hopes to continue his involvement with the organization despite the decision to sell. <\p>
Mass General Brigham's Home Care nurses vote to unionize
Mass General Brigham Home Care nurses have voted to unionize and join the Massachusetts Nurses Association, the state’s largest union of registered nurses. <\p> The nurses and healthcare professionals at MGB Home Care provide nursing care, occupational and physical therapy, and speech language pathology. Some 436 healthcare professionals are employed by the home care arm.<\p>
Everbridge goes private after closure of Thoma Bravo acquisition
Just last week, Burlington-based Everbridge said it expected its deal with Thoma Bravo to close in the third quarter, rather than Q2, due to an outstanding regulatory approval.<\p> In the end, that delay amounted to just two days. <\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
New shops, restaurants on Martha’s Vineyard, and more retail news
It’s a new season on Martha’s Vineyard, with plenty of new restaurants and retailers opening for business.<\p> In Vineyard Haven, new restaurants have been opening since a 2022 town law allowed patrons to order drinks without meals. That’s brought a boatload of new restaurants near where many visitors arrive by ferry.<\p>
Activists gear up for House climate bill
Climate activists are champing at the bit for the House's climate and energy bill, some of them expecting that it could be released next week.<\p> Dan Zackin, legislative coordinator of 350 Mass, gave a legislative update to a webinar hosted by Massachusetts Climate Action Network on Monday, filling in activists from around Massachusetts on the status of the package of climate legislation that top legislators say they intend to get to Gov. Maura Healey's desk this month. <\p>
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