Moody's upgrades Airport Authority debt
Moody's Investor Services this week upgraded its credit rating for the Allegheny County Airport Authority's $375.4 million in outstanding debt. In a report issued Sunday, Moody's boosted the authority's rating to A3 from Baa1. Moody's said reasons for the upgrade included a natural-gas drilling deal with Cecil-based Consol Energy Inc. that provided a $46.3 million upfront payment in February and is projected to generate $500 million in years to come. Moody's cautioned that gas revenue is "inherently volatile," and said the authority's cost per passenger remains high at $14.24. Allegheny County Executive Rich Fitzgerald said the authority "has acted in a fiscally responsible fashion to ensure the long-term success for one of our region's most important assets."
Butler Health posts 9-month profit
Butler Health System earned $788,000 in the nine months ended March 31, more than doubling its net income from the same period last year thanks to gains from investments. The nonprofit health system, which owns Butler Memorial Hospital, reported a loss from operations of $37,800 as higher expenses took a bigger bite of revenue. Revenue was $187.1 million, up from $180.3 million. Expenses were $187.2 million, up from $180.4 million. The system was able to increase revenue with the acquisition of physician practices and investment in urgent care centers, which brought in additional patients. But the investments led to higher expenses and the operating loss.
Mylan wins patent infringement case
Mylan Inc. said it won a federal appeal validating patents related to Perforomist, a drug used to treat Chronic Obstructive Pulmonary Disease. Cecil-based Mylan had appealed a U.S. District Court decision last year that five of seven Perforomist patents had not been infringed upon by Brovana, a similar drug made by Sunovion Pharmaceuticals Inc. In that decision, the court said two patents were valid, and the two companies struck a confidential settlement calling for Sunovion to pay licensing fees to Mylan. Mylan subsidiary Dey Pharma, which is now called Mylan Specialty, originally brought the suit against a Sunovion predecessor company in 2007 seeking to block the sale of Brovana.
Net Health acquires Integritas
Net Health Systems Inc., a Strip District-based company that makes electronic medical record software, acquired Integritas Inc. for an undisclosed amount. Net Health, which makes software for facilities that specialize in wound care, said the purchase of Integritas will give it access to the urgent care and occupational health software markets. …