CORPORATE GOVERNANCE
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CORPORATE GOVERNANCE
Sprint Nextel Director Resigns
Board member William Kennard resigned from Sprint Nextel of Reston, becoming the third former Nextel Communications director to step down since Sprint's 2005 purchase of the company.
The board, split between the two companies after the merger, now has a majority of former Sprint directors. Kennard quit because his job as a managing director at the Carlyle Group demanded more time, a Sprint spokeswoman said.
LENDING
Allied Capital Unit to Pay SBA for Loans
Business Loan Express, an affiliate of Allied Capital of the District, will pay $10 million to the Small Business Administration to cover losses on loans being probed by federal regulators.
The company also agreed to an independent review at its expense of its SBA-guaranteed loans at various stages of the lending process, the SBA said. And it will buy back certain loans sold into the secondary market that have defaulted and will have them reviewed by the SBA.
BIOTECH
Avalon to Develop Treatments With Merck
Avalon Pharmaceuticals of Germantown said it is collaborating with Merck to develop possible cancer treatments.
Avalon will screen a set of compounds and identify possible targets. It could receive up to $200 million in milestone, regulatory and other payments as part of the agreement. Merck would be responsible for clinical development, regulatory approval and commercialization of any product candidates.
MERGERS & ACQUISITIONS
Cibernet to Combine With Luxembourg Firm
Cibernet of Bethesda signed a merger agreement with MACH of Luxembourg. Financial terms of the cash-and-stock deal were not disclosed. The combined company would help 650 wireless operators reconcile payments between carriers.
Cibernet's office is to serve as the new company's U.S. base.
BANKING
Countrywide to Become Savings and Loan
Countrywide Financial, a mortgage lender, received approval to become a savings-and-loan holding company, placing its operations under the supervision of a single federal regulator.
As part of the change, the lender's Countrywide Bank subsidiary, based in Alexandria, will become a federal savings bank, said the regulator, the Office of Thrift Supervision.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
