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4 n e w h a v e n B I Z | M a y 2 0 2 1 | n e w h a v e n b i z . c o m A r o u n d t h e R e g i o n AstraZeneca's $39B Alexion takeover clears major hurdle AstraZeneca's planned acquisition of New Haven-born Alexion Pharmaceuticals has scaled a major hurdle, clearing a key re- view from the Federal Trade Commission, according to a recent regulatory filing. e UK-based drug giant called the move "an important step" that keeps the $39 billion deal on track to close in the third quarter of this year, pending share- holder approval and additional global regulatory clearances. Shareholders of both companies are expected to vote on the deal May 11. Following the takeover, Alexion will become a dedicated business unit of Astra- Zeneca known as "Alexion, e AstraZen- eca Rare Disease Unit," the filing said. e new unit will be based in Boston, where Alexion moved its headquarters in 2018. It is unclear what impact the combi- nation may have on Alexion's Elm City research and development facility at 100 College St., which continues to house some 500 employees. In 2019, Alexion announced plans to spend $10 million to grow its R&D presence there. FERC approves planned $8.3B Avangrid merger The Federal Energy Regulatory Commission has approved Orange-based utility company Avangrid's planned merger with PNM Resources, an energy holding company in New Mexico. The approval was a key one for the merger to proceed, according to Avangrid CEO Dennis V. Arriola. The companies announced plans for the $8.3 billion merger in October. The deal is expected to be finalized in the second half of 2021. PNM provides electricity to approximately 800,000 homes and businesses in both New Mexico and Texas. Avangrid is the parent company of Southern Connecticut Gas, Connecticut Natural Gas, and United Illuminating. FDA greenlights human testing for Yale spinout's COVID drug A Branford pharmaceutical company spun out of Yale that is developing treatments for injured lungs has secured regulatory approval to start human testing on a drug for severe COVID-19. Qx Therapeutics Inc. said it will begin enrolling patients in a Phase 2 clinical trial as early as May after receiving a "safe to proceed" letter from the Food and Drug Administration. Dubbed QXT-101, the drug aims to treat acute respiratory distress syndrome (ARDS), a hallmark of severe COVID-19, by inhibiting the MAP3K2/3 genes, the company said. Studies in mice have shown that inhibiting MAP2K2/3 protected them from developing ARDS, the company said. The drug is based on technology discovered in Dr. Dianqing (Dan) Wu's research laboratory at Yale. Founded in 2017, the company is based at 23 Business Park. The Phase 2 trial will test the safety and efficacy of the drug in hospitalized patients with severe or critical COVID-19. Milford sailmaker moving to Bridgeport's Steelpointe Harbor One of the world's top sailmakers is moving out of its longtime Milford home to join Bridgeport's new seaport development Steelpointe Harbor. North Technology Group, parent company to North Sails and a host of other marine- related enterprises, plans to open a 35,000-square-foot manufacturing, sales and service loft at the Bridgeport harbor location on July 1. The new loft, one of seven it operates around the world, will serve as North Technology's global headquarters, according to the company. The headquarters will combine several departments under one roof and also will become the East Coast distribution hub for North Actionsports, the company's kiteboard and windsurf division. The company said the move puts it at "the heart of an exciting nautical destination" that includes Bridgeport Harbor Marina, a new 220-slip deepwater marina featuring waterside shops and restaurants. Founded in San Diego in 1957, the company has some 3,000 employees and nearly $400 million in annual revenue. It has operated out of the Milford location since the 1980s. BIC launches eco-friendly stationery line Shelton-based pen, lighter and shaver giant BIC said it is rolling out a new line of eco-friendly stationery products. Dubbed BIC ReVolution, it includes retractable-ball and stick pens, mechanical pencils, permanent markers and correction tape that are all made of at least 50% recycled plastic. The move taps into a growing demand for environmentally-conscious products, according to Mary Fox, general manager of BIC North America. The new "ReVolution Ocean" pen, for example, is made of 73% recycled "ocean- bound" plastic. That's plastic recovered within 30 miles or so of a shore or a waterway leading to the ocean. The paperboard used in all of the packaging is made of 100% recycled content, the company said. UNH offers new engineering, actuarial science programs The University of New Haven is rolling out two new programs this fall that aim to prepare students for high-demand jobs in business — one focuses on engineering while the other targets the insurance industry. The university said it will start offering a bachelor's degree in actuarial science, noting that actuaries are in high demand among the many large insurance companies operating in Hartford. The program combines math, business, finance and statistics, will feature small classes, and prepare students to take the first in a series of actuarial exams required to enter the field. Program graduates may also choose careers as data engineers, financial B R I E F S W aterbury-based Webster Financial will merge with New York's similarly-sized Sterling Bancorp in an all-stock transaction that will result in the combined company locating its headquarters in Stamford. e deal between the publicly- traded parents of Webster Bank and Sterling National Bank would create a business with $63.9 billion in total assets, $52 billion Webster Bank to keep its name, relocate HQ to Stamford in $10.3B merger in deposits and more than 200 branch locations in the Northeast. Webster would retain its name and a multi-campus presence in Waterbury, the location of its longtime headquarters. Webster is slightly larger than Sterling, which is why the ownership split of the combined business would be 50.4% Webster and 49.6% Sterling, with Webster getting eight board seats and Sterling seven. Webster Chairman, President and CEO John R. Ciulla will be president and CEO of the combined company, and add chairman to those titles two years aer the deal closes. Webster and Sterling expect their combination to produce $120 million in cost savings from facilities optimization, and eliminating redundant technology and overlapping service platforms, among other initiatives. n PHOTO | FILE North Sails CEO Tom Whidden John R. Ciulla F L A S H P O L L : Do you approve of Gov. Ned Lamont's decision to li all pandemic-related restrictions on May 19? Yes 81% No 19% PHOTO | NEW HAVEN BIZ Avangrid's headquarters in Orange. PHOTO | CONTRIBUTED

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