Roche gains therapy license; Realogy relocating; additional locations.
Roche, PTC Therapeutics Inc. and the SMA Foundation announced Tuesday a licensing agreement for South Plainfield-based PTC's spinal muscular atrophy program. Under the terms of the agreement, Roche, in Nutley, gains an exclusive worldwide license to the SMA program, including three compounds currently in development. PTC receives $30 million as an upfront payment and up to $460 million upon successful completion of certain development and commercialization milestones.
Realogy Corp. announced Monday its plans to move its corporate headquarters to a new facility under development at 175 Park Ave., in Madison, expected to occur during late 2012 or early 2013. Realogy signed a 17-year lease to be the sole tenant at 175 Park Ave., which is being turned into a 270,000-square-foot facility by The Hampshire Cos., of Morristown. Newmark Knight Frank represented the building owner.
Hopewell Valley Community Bank announced plans Monday to open its eighth banking office in downtown Flemington, at 56 S. Main St., at the corner of Bloomfield Avenue. Renovations on the building will commence immediately, and plans call for an opening in early 2012.
Axion International Holdings Inc., in New Providence, announced Tuesday it has entered into a credit facility with an unaffiliated third-party investor for up to $2 million on a revolving basis. These funds will be used for the purchase and processing of raw material at its various manufacturing facilities.