U.S. financial markets were closed for Good Friday, so there will be no daily market results in today’s paper. Our weekly stock results, which run each Saturday, appear inside today’s Business section.
Bothell-based Seattle Genetics Inc. and a British biotechnology firm announced a collaboration deal on Friday that could bring in millions of dollars to Seattle Genetics. Under the multiyear agreement, Celltech Group PLC will pay an undisclosed upfront fee for access to Seattle Genetics’ technology. The firm will then provide milestone payments worth in excess of $30 million, the companies said. In return, Celltech will be given access to Seattle Genetics’ antibody-drug conjugate technology, which helps cell-killing drugs attach themselves to the cells at which they’re targeted, leaving other cells unharmed. Celltech will be responsible for product development, manufacturing and marketing of any products generated through the collaboration.
Americans’ incomes increased solidly in February, and they spent more too – fresh signs that the economy is gaining strength after a brief recession. The Commerce Department reported Friday that spending by consumers, which accounts for two-thirds of all economic activity in the United States, increased 0.6 percent last month after jumping 0.5 percent in January. At the same time, Americans’ incomes, which include wages, interest and government benefits, also increased by 0.6 percent, the largest expansion since October 2000.
Two senior Arthur Andersen LLP partners will lead the transition of the struggling accounting firm’s efforts to make reforms under a long-shot rescue plan developed by former Federal Reserve chief Paul Volcker. Named to oversee the process until a new Andersen governing board is put in place were C.E. Andrews, head of the firm’s worldwide audit practice, and Larry Rieger, another senior partner. Under Volcker’s plan, Andersen’s consulting business would be separated from its auditing division to remove potential conflicts of interest.
Kmart Corp. recorded a $753 million net loss in the first five weeks after filing for Chapter 11 bankruptcy protection. The nation’s third-largest discounter reported a loss of $579 million for the nine-day period ended Jan. 30, and a $174 million loss through Feb. 27, according to a Friday filing with the Securities and Exchange Commission. The results represent the first batch of financial data supplied by Kmart since it filed for bankruptcy protection on Jan. 22. The Troy-based company also reported $2.2 billion in sales for February.
Internet ad agency DoubleClick Inc. announced Friday that it had agreed to settle class-action suits brought against the company two years ago in 13 federal and four state courts. New York-based DoubleClick said that, to settle the lawsuits, it agreed to conditions including running 300 million banner ads to educate consumers about how to protect their privacy and some broad limitations on the use of information it gathers about computer users.
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