Tuesday, January 8, 2013

Daily Business Update

 
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EDITORIAL EMAIL PUBLISHED BY   Boston.com
Daily Business Update Tue. Jan. 08, 2013
 
Global Partners and Phillips 66 sign long-term crude oil contract
Global Partners LP, a Waltham company that owns, controls, or has access to a large terminal network of refined petroleum and renewable fuels products, said Tuesday that it has signed a five-year contract with Phillips 66 to deliver crude oil from North Dakota to a Phillips 66 refinery in New Jersey. Global said it will use its rail transloading, logistics, and transportation system to deliver about 91 million barrels of crude oil to the Phillips 66 refinery in Bayway, N.J., over the life of the contract.
Boston Children’s Hospital and Life Technologies launch a clinical genomics company
The new company, Claritas Genomics, seeks to develop genomics-based diagnostic testing solutions.... Boston Children’s Hospital said Tuesday that has partnered with Life Technologies Corp. to launch Claritas Genomics, a company whose mission is to develop next-generation, genetic and genomics-based diagnostic testing solutions. Claritas Genomics is majority-owned by Children’s Hospital, a teaching affiliate of Harvard Medical School. Life Technologies is a global biotechnology company with 2011 sales of $3.7 billion.
Bill Gates invests in Foundation Medicine, which uses genome data for cancer diagnostics
Foundation Medicine Inc. said that Bill Gates of Microsoft fame is among investors who expanded the Cambridge company’s Series B financing round by an additional $13.5 million. “Advances in understanding the human genome are having a dramatic impact on almost every area of medicine,” Gates said in a statement. “Foundation Medicine’s approach in harnessing the power of genomic data to improve care for cancer patients could represent an extremely important step forward in improving routine cancer care.”
Commonwealth Ventures and Carpenter & Co. seek to build hotels next to Boston convention hall
Two developers are bidding for the right to build hotels on property next to the Boston Convention & Exhibition Center in South Boston.
Legal Sea Foods is about to open a replacement restaurant at Logan
Legal Sea Foods, the locally based chain with more than 30 restaurants up and down the East Coast, said it is about to open a snazzy replacement restaurant at a new location in Terminal C at Logan International Airport. Legal’s previous Terminal C location occupied 4,000 square feet of space and was located outside the terminal’s secure area. The new, smaller Terminal C site is located inside the secured area so it will offer easier access for business and leisure travelers awaiting flights.
AG Martha Coakley fines National Grid for pay delays
With hundreds of National Grid employees still unpaid for work performed during Hurricane Sandy because of payroll system glitches, attorney general Martha Coakley on Monday fined the utility $270,000. She called on National Grid to “resolve this matter immediately” or risk more fines. National Grid began using a new payroll system shortly before Sandy hit the region in late October., leaving the company little time to fix any glitches before it had to handle the complex pay and overtime issues created by the massive storm.
Athenahealth, an electronic health records firm, agrees to buy Epocrates for $293m
Athenahealth Inc., a Watertown company that provides electronic record and billing systems to hospitals and other medical industry clients, said it has agreed to buy Epocrates Inc., which has developed point-of-care medical applications that about 330,000 doctors use as reference tools, in many cases on their iPhones. The companies’ boards of directors have agreed to a price of $11.75 per share, in cash, for an aggregate purchase price of about $293 million. The purchase price represents a 22 percent premium over Friday’s closing price for Epocrates shares on NASDAQ.
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