U.S. rejects multiple sclerosis drug
NORWELL – The U.S. Food and Drug Administration has refused permission to Serono Laboratories Inc. for the sale of its multiple sclerosis beta interferon drug Rebif in this country. This decision is a setback for Serono but a victory for Biogen Inc. of Cambridge which makes the drug under the name, Avonex. Serono makes Rebif, which is reportedly identical chemically. The FDA ruled that Biogen had exclusive rights to sell its version of the beta interferon drug, Avonex in the United States until 2003 under the so-called Orphan Drug Act.
Cinema Center to be located behind Fenway Park
BOSTON – An eight-story cinema center would be located between Fenway Park and the Massachusetts Turnpike under a plan announced last week by John Rosenthal who will build the structure and Robert Redford whose company Sundance Cinema will sponsor the project. The theater will be operated by General Cinema and Redford under a lease agreement with Rosenthal, according to the Boston Globe. The structure is expected to include 11 theaters, a film library, an auditorium available to the community, a restaurant and two bars and a four-floor garage on top. Rosenthal said he would demolish a garage he owns a Lansdowne Street to make way for the development. Redford and General Cinemas have announced plans for Sundance Cinema complexes in as many as 15 cities across the country.
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Shaw’s warehouse workers ratify contract
METHUEN – Union workers at Shaw’s warehouse here recently ratified a four-year contract and avoided a strike that would have caused major problems for the 127-store supermarket chain. The 400 workers from the United Food and Commercial Workers Local 791 voted to approve the settlement on the day the previous contract expired. The settlement included a 10.3 percent increase in wage scale over the life of the contract and pension increases, but also, for the first time, includes employee contributions to the company health care plan. That brings the warehouse workers into line with other union contract workers in the Shaw’s chain.
Karp selling 14 malls
NEWTON – As predicted last week, Stephen R. Karp, the largest mall owner in New England, has agreed to sell 14 of his malls, including the Emerald Square mall in North Attleboro and the Atrium Mall here in Newton, to Simon Property Group, Inc. for $1.725 billion. The Boston Globe speculated that the purchase would make Simon the largest mall owner in New England, succeeding Karp, who said that if the purchase goes through he would concentrate on developments in the South Boston Seaport District, as well as developments in Plymouth, New Haven and Washington, D.C.
Commonwealth Energy sells subsidiary
CAMBRIDGE – Commonwealth Energy System has reported the sale of the assets of its subsidiary, COM/Energy Marketing Inc. to Reliant Energy of Houston. Terms of the sale were not disclosed. COM/Energy is reported to have 2,000 customers in Rhode Island, Massachusetts and Connecticut. Commonwealth Energy, itself, is being purchased by BEC Energy Co., the parent company of Boston Edison. That sale is expected to be completed by mid-year, according to The Boston Globe.
Polaroid seeks profit through sale of businesses
CAMBRIDGE – In an effort to return to profitability, Polaroid Corp. has announced its intention to sell four of its businesses. According to the Boston Globe, Polaroid executive informed securities analysts at a trade meeting recently in New York City that its sunglasses, graphic arts, holography, and glare-reducing polarizers businesses are at the top of their list of businesses being considered for sale. Polaroid has had five money-losing years out of the last six as its revenues have remained static around $2 billion a year. The four businesses singled out for sale had combined annual sales of $100 million. Company spokespersons said Polaroid is counting on some new products that it will introduce this year, including a pocket-size instant camera, to restore profitability.
House leader disputes casino study
BOSTON — A key House leader criticized a new study that estimated Massachusetts residents spend $620 million annually at two Connecticut casinos. The “methodology is highly suspect,” said Rep. Dan Bosley, D-North Adams, House chairman of the Government Regulations Committee. Bosley was designated by House Speaker Thomas Finneran in 1997 to study the casino issue. The Center for Policy Analysis at the University of Massachusetts at Dartmouth released the study that said Massachusetts residents cross the border to spend about $469 million a year at the Foxwoods Resort in Ledyard, Conn. and $151 million at the Mohegan Sun casino in Uncasville, Conn. The study was commissioned by a consortium of businesses and community leaders who want to bring a casino to Salisbury, Mass. The study was based on a survey of the license plates on more than 13,000 cars and buses at the two casinos over five days in February, said Clyde Barrow, director of the center.
Sara Lee donates painting to Fine Arts Museum
BOSTON — The Museum of Fine Arts is receiving a gift of a 1938 painting by the modern French master Georges Rouault, a donation from the Sara Lee Corp. The company best known for its packaged desserts is donating “Pierrot” as part of a campaign to distribute the top tier of its art collection — including works by Monet, Gauguin, Renoir, Degas and Picasso — to some two dozen museums in the United States and abroad.
