Thursday, February 21, 2013

Daily Business Update

 
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EDITORIAL EMAIL PUBLISHED BY   Boston.com
Daily Business Update Thu. Feb. 21, 2013
 
Local asset management firm Affiliated Managers Group opens Zurich office
Affiliated Managers Group Inc., an asset management company headquartered in Beverly, said it has established an office in Zurich as looks to enhance its European distribution capabilities. The company added that it has also appointed two new executives to its European team. “Establishing an office in Zurich, one of the most important financial centers in Europe and home to some of the world’s largest and most sophisticated investors, will extend the reach of our global distribution platforms,” AMG executive vice president Andrew Dyson said.
Lexington’s SynapDx gets $2m as it looks to develop new autism test
SynapDx Corp., a Lexington firm developing diagnostics for the earlier detection of autism, said Thursday that it has gotten $2 million in funding from Laboratory Corporation of America Holdings, or LabCorp, a North Carolina-based company that specializes in testing, genomics, and clinical and anatomic pathology. The average age of a child diagnosed with autism is 4.5 years. SynapDx hopes its test can detect autism spectrum disorder in a child who is 36 months old.
DRC to share in $75m Army contract
Dynamics Research Corp., an Andover company that provides technology and management services for many government agencies, is one of eight companies that will share in a US Army contract that could be worth up to $75 million. What each company’s share of the contract will be has yet to be determined, said Dynamics Research, which refers to itself as DRC. The contract is to provide infrastructure and software engineering support to the Armament Software Engineering Center of the US Army Armament Research, Development, and Engineering Center.
Iconic Hub hotel is now officially the Loews Boston Back Bay Hotel
The Back Bay Hotel officially becomes the Loews Boston Back Bay Hotel today, about a month after Loews Hotels & Resorts disclosed its plans to buy it. A ceremony scheduled for later this morning will celebrate this changing of the guard with a champagne toast and petite fours. Plans call for Paul Whetsell, president and chief executive of Loews Hotel & Resorts, and the hotel’s general manager, John Maibach, to be on hand to greet guests.
Hair-care technology firm co-owned by Jennifer Aniston gets $30m infusion
MIT professor Robert Langer was recently awarded the 2013 Presidential Medal of Technology and Innovation, and his innovations include an anti-frizz technology that he and his team developed for hair-care products now being pitched by Hollywood star Jennifer Aniston. Among many other accomplishments, Langer is the founding scientist of Living Proof, a technology-based beauty and hair-care company that just announced the closing of a $30 million financing. Aniston is not only the company’s “hair product spokesperson,” she’s also a co-owner.
NY Times Co. hires investment banker to find a buyer for The Boston Globe
The New York Times Co. plans to sell the New England Media Group, including The Boston Globe, and has hired an investment banker to find a buyer. The Times Co. has hired Evercore Group, which has been involved in other newspaper transactions, to help solicit bids from potential buyers. “Our plan to sell the New England Media Group demonstrates our commitment to concentrate our strategic focus and investment on The New York Times brand and its journalism,” Times Co. chief executive Mark Thompson said.
Stop & Shop helped raise $29m in charitable donations in 2012
The Stop & Shop Supermarket Co. LLC said Wednesday that more than $29 million was donated in 2012 through customer, vendor, and associate donations to community organizations in areas where the Quincy-based chain has stores. Noting that its charitable mission focuses on fighting hunger and promoting healthy communities, Stop & Shop said that $14 million of that total went toward supporting local hunger relief agencies.
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