Vornado Realty Trust (VNO) Reports Sale of Georgetown Park in $272.5M Deal Aug 21, 2014 04:57PM

Vornado Realty Trust (NYSE: VNO) announced that a joint venture owned equally by Vornado’s real estate fund (Vornado Capital Partners, L.P.) and its joint venture partner, a real estate fund managed by Angelo, Gordon & Co., have sold Georgetown Park for $272.5 million. Vornado owns 25% of Vornado Capital Partners.

Georgetown Park is a prominent 305,000 square foot multi-level retail property located at M Street and Wisconsin Avenue in Georgetown.

Vornado was responsible for developing and leasing the property, which was completely renovated and transformed, reconfiguring its floor plates to accommodate large format retail tenants with modern tenant demands.

Vornado Realty Trust is a fully integrated equity real estate investment trust.


Ceragon Networks Ltd (CRNT) Closes 21.25M Ordinary Share Offering for Net Proceeds of ~$45.1M Aug 21, 2014 04:56PM

Ceragon Networks Ltd (Nasdaq: CRNT) announced closing the sale of an additional 2,850,000 ordinary shares upon the exercise by the underwriters of their over-allotment option in connection with the recent follow on public offering at a price of $2.00 per share. After closing the over-allotment, the total number of shares sold by Ceragon in the public offering increased to 24,100,000 shares, which resulted in gross proceeds of $48.2 million and net proceeds of approximately $45.1 million after deducting underwriting discounts and estimated offering expenses.

Needham & Company acted as lead book-running manager of the offering. Oppenheimer & Co. acted as co-book runner.


Sucampo Pharma (SCMP) Reports Supply Agreement for Lubiprostone Aug 21, 2014 04:36PM

Sucampo Pharmaceuticals, Inc. (Sucampo) (Nasdaq: SCMP), a global biopharmaceutical company, today announced that its subsidiary, Sucampo AG, has signed an exclusive global manufacturing and supply agreement (EMSA) with its manufacturing and development partner, R-Tech Ueno, Ltd. (R-Tech), for clinical and commercial supplies of AMITIZA® (lubiprostone) in most global markets.

Under the new EMSA, Sucampo receives a new, lower price for certain components of or finished product of lubiprostone globally, except for the United States and Canada until the collaboration and license agreement with Takeda Pharmaceutical Company, Ltd. expires in December 31, 2020, and except for Japan until the manufacturing and supply agreement for Japan expires or certain material circumstances occur. Additionally, under the EMSA Sucampo has the right to qualify a back-up supplier for lubiprostone in expanded circumstances, such as an authorized generic, additional formulations, and/or inability to supply product in certain circumstances, among others. The new EMSA supersedes the current manufacturing and supply agreements with R-Tech except in those situations noted above and is effective as of January 1, 2014.

"Continuing the growth of AMITIZA is the top imperative I outlined earlier this month in my strategic plan for Sucampo. The new EMSA announced today will be critical to growing AMITIZA and facilitating our global expansion plans around the world by providing us with greater operational flexibility, lowered overall cost of goods manufactured, and greater margin control," stated Peter Greenleaf, Chief Executive Officer of Sucampo. "As we progress our plans to partner AMITIZA globally, including Europe and emerging markets outside of the U.S. and Japan, having greater control over our cost structure will enable us to access markets with tighter reimbursement restrictions. Ultimately, this will make AMITIZA more widely accessible to patients around the world who may benefit from its more than eight years of experience and eight million prescriptions dispensed globally."


Sucampo Pharma (SCMP) Enters Exclusive Manufacturing, Supply Agreement with R-Tech Ueno Aug 21, 2014 04:32PM

Sucampo Pharma (Nasdaq: SCMP) announced that its subsidiary, Sucampo AG, has signed an exclusive global manufacturing and supply agreement (EMSA) with its manufacturing and development partner, R-Tech Ueno, Ltd. (R-Tech), for clinical and commercial supplies of AMITIZA® (lubiprostone) in most global markets.

Under the new EMSA, Sucampo receives a new, lower price for certain components of or finished product of lubiprostone globally, except for the United States and Canada until the collaboration and license agreement with Takeda Pharmaceutical Company, Ltd. expires in December 31, 2020, and except for Japan until the manufacturing and supply agreement for Japan expires or certain material circumstances occur. Additionally, under the EMSA Sucampo has the right to qualify a back-up supplier for lubiprostone in expanded circumstances, such as an authorized generic, additional formulations, and/or inability to supply product in certain circumstances, among others. The new EMSA supersedes the current manufacturing and supply agreements with R-Tech except in those situations noted above and is effective as of January 1, 2014.

"Continuing the growth of AMITIZA is the top imperative I outlined earlier this month in my strategic plan for Sucampo. The new EMSA announced today will be critical to growing AMITIZA and facilitating our global expansion plans around the world by providing us with greater operational flexibility, lowered overall cost of goods manufactured, and greater margin control," stated Peter Greenleaf, Chief Executive Officer of Sucampo. "As we progress our plans to partner AMITIZA globally, including Europe and emerging markets outside of the U.S. and Japan, having greater control over our cost structure will enable us to access markets with tighter reimbursement restrictions. Ultimately, this will make AMITIZA more widely accessible to patients around the world who may benefit from its more than eight years of experience and eight million prescriptions dispensed globally."


Tesco Corp (TESO) CEO to Retire, Fernando R. Assing to Become Chief Aug 21, 2014 04:22PM

Tesco Corporation (NASDAQ: TESO) today announced that Julio M. Quintana, President and Chief Executive Officer, has elected to retire at the beginning of January, 2015. In accordance with the company's succession plan, the board has designated Fernando R. Assing, currently Executive Vice-President and Chief Operating Officer, to succeed Mr. Quintana.

Michael Sutherlin, Chairman of the Board, commented, "Julio has provided Tesco with remarkable leadership that has created a global leader in many dimensions. Tesco's technology has been recognized with multiple industry awards during Julio's ten year tenure, and Tesco's automated casing running technology continues to transform the industry. Julio leaves Tesco well positioned to capitalize on future opportunities. He has built a strong and capable management team that will carry his legacy forward. Since his arrival in 2009, Fernando has repeatedly demonstrated that he has the capability and capacity to take on broader responsibilities, and that gives the Board ultimate confidence in his ability to now lead Tesco. Finally, we are pleased that Julio will continue to serve on Tesco's Board of Directors through his current term."

Julio Quintana commented, "Succession at Tesco has been a constant focus for our Board, and I am pleased that our board is able to promote from within our ranks. As a result, you should expect a smooth and orderly transition and consistency in strategy and execution going forward. During his tenure, Fernando's commitment to execution excellence has helped transform Tesco from an innovative products company to a focused, high quality international service company. Fernando played a key role in the development of our current growth strategy and is uniquely positioned to lead Tesco to the next level."

Fernando Assing commented, "I am honored to be selected to this new role. I believe that Tesco's reputation in the industry, when coupled with our focused strategy, will generate significant shareholder value. Over the last five years, our executive team has worked extensively on building a management team committed to creating a world class international company. Our commitment to execution excellence is uncompromising; we are ready and look forward to the challenges ahead."

Julio Quintana further commented, "The last ten years have been gratifying and rewarding as we deployed new technologies and built a global business. But that success comes with extensive time and travel commitments. We have now put Tesco on a new course of leveraging technology coupled with a compelling strategy and a key focus on operational excellence. In many ways, it is the right time for me to turn Tesco over to new leadership, and for me to take some personal time to plan the next phase of my journey."

Mr. Quintana expects to formally retire on January 1, 2015. However, the transition of responsibilities to Mr. Assing is planned to be completed by mid-December 2014.

Mr. Assing came to Tesco in 2009 as Senior Vice President of Marketing and Business Development. He was subsequently promoted to the role of Senior Vice President and Chief Operating Officer in 2011 and Executive Vice President and COO earlier this year. Prior to coming to Tesco in 2009, Mr. Assing served in a series of operational and management roles of increasing responsibility during approximately 12 years at Schlumberger Ltd and 6 years at Technip. Mr. Assing is a 1991 graduate of Jose Maria Vargas University in Caracas, Venezuela.


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