The Boston Redevelopment Authority board of directors approved the appointment of Michael F. Glavin as deputy director for institutional development of the city's planning and development agency. Glavin, formerly a manager of community investment programs at Bank of America and its Boston-based predecessors including BankBoston, will lead a team that oversees Harvard University's significant expansion into Allston, among other projects. (Thomas C. Palmer Jr.)
EU rejects use of drug by Biogen for Crohn's Elan Corp.
and Biogen Idec Inc.'s multiple sclerosis drug Tysabri was rejected by European regulators as a treatment for Crohn's disease because of insufficient evidence it worked against the bowel disorder. Studies done by Elan, Ireland's biggest drug maker, failed to show that effectiveness outweighed the risk of serious infection associated with Tysabri, the European Medicines Agency said. Elan and Biogen will appeal the decision, the companies said. An advisory panel of the US Food and Drug Administration is scheduled to review Tysabri July 31. (Bloomberg)
Contract from Homeland Security under scrutiny American Superconductor Corp.
, a Westborough developer of technologies for the energy industry, said a congressional committee is reviewing a contract the company won in May from the Homeland Security Department. The US House of Representatives' Energy and Commerce Committee also has asked the Navy for information on contracts the company has completed, American Superconductor said in a regulatory filing. It said the investigative subcommittee hasn't given a reason for the review. (Bloomberg)
Pushcart plan gets cool reception from Menino
Mayor Thomas M. Menino reacted coolly to a proposal to relocate some pushcart merchants to City Hall Plaza during massive redevelopment at Downtown Crossing. "We're not going to abandon Downtown Crossing," Menino said. "We're going to continue to promote it as a shopping destination during this difficult time." A recent Globe story noted Downtown Crossing faces big challenges as five development projects get underway; due to construction, a pushcart program with more than 40 vendors could lose 23 spots. City Council president Maureen E. Feeney of Dorchester and councilor Sal LaMattina of East Boston proposed a measure that would ask the mayor to allow displaced pushcarts to temporarily move to City Hall Plaza. (Chris Reidy)
Judge tosses settlement of TD Banknorth buyout
TD Banknorth Inc.'s $4 million settlement of a shareholder suit over a buyout by its parent, Toronto-Dominion Bank
, was thrown out by a judge who said the amount should be higher. The accord is "insufficient," Judge Stephen Lamb wrote in a decision issued in Delaware Chancery Court in Wilmington, Del. Six investors sued after TD Banknorth said in November that Toronto-Dominion would buy the 41 percent of TD it didn't own for $3.2 billion. Plaintiffs agreed to settle for about $3 million, roughly 3 cents a share, and more than $1 million in legal fees. (Bloomberg)
Genzyme reports positive results for cancer drug Genzyme Corp.
reported positive results for an experimental cancer treatment, a break for the company after two products failed. The drug, Mozobil, was found in a late-stage study to help increase production of stem cells in the blood of patients with non-Hodgkin's lymphoma, a cancer of the immune system, the company said. This month, the company released two studies showing that experimental treatments for arthritis and diarrhea didn't work. Cambridge-based Genzyme is trying to diversify beyond treatments for rare genetic disorders, which generated 45 percent of its $3.2 billion in revenue last year. (Bloomberg)
South Boston Waterfront parking meters to match
Starting Sept. 1, motorists parking on the South Boston Waterfront won't have to worry about whether they're parking at Massachusetts Port Authority meters or City of Boston meters. In recent years, despite signs that try to make it clear, hundreds of motorists have been surprised to discover -- from a ticket on the windshield -- that Massport-operated meters on the waterfront require people to pay on Sundays and holidays. City-metered parking spots are free on those days. Massport's board of directors unanimously voted to synchronize their parking rules with city rules starting in September. (Peter J. Howe)
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