Gov. Christine Gregoire has written a letter to the chairman and chief executive of Eli Lilly &Co. that stresses the importance of Bothell-based ICOS Corp., which Lilly is acquiring, to the state’s biotechnology community. Lilly Chairman Sidney Taurel has indicated he plans “significant” job cuts at ICOS’ facilities after the buyout is completed. In her six-sentence letter, Gregoire doesn’t mention jobs but encourages Taurel to consider the “best possible outcome.”
Seattle Genetics opens cancer trials
Seattle Genetics Inc. has started its first human clinical trial of SGN-35, a potential Hodgkin’s disease treatment. It’s the first potential drug using the Bothell company’s patented antibody-drug conjugate technology to enter clinical testing. The technology helps drugs attach themselves to the cells at which they’re targeted. SGN-35 is Seattle Genetics’ fourth potential cancer-fighting drug to enter the human test phase.
Starbucks shares fall on quarterly profit slip
Shares of Starbucks Corp. fell Friday after the company reported its fourth-quarter profit slipped 5 percent because of changes in accounting rules. Shares of Starbucks fell $2.01, or 5.1 percent, to close at $37.42 on the Nasdaq Stock Market. The Seattle-based company reported its results after financial markets closed Thursday.
Enron executives get light sentence
Two Enron executives received sharply reduced sentences Friday after cooperating with prosecutors to help convict the architects of the biggest scandal in U.S. corporate history. Michael Kopper, once the top lieutenant to former Enron Chief Financial Officer Andrew Fastow, was sentenced to three years and one month in prison. An hour later, Mark Koenig, the company’s former investor relations chief, received an 18-month sentence. The men were also fined $50,000 that will be sent to a fund for victims of Enron’s collapse, and each will be on probation for two years after being released from prison.
Housing industry falls in October
Housing construction plunged in October as builders slashed activity to the lowest level in more than six years. Further declines were expected as the five-year housing boom turns into what is being described as a “housing recession.” Construction of new single-family homes and apartments dropped 14.6 percent to an annual rate of 1.486 million units, the slowest pace since July 2000. The news was even more stark for building permits, which fell for a record ninth consecutive month.
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