Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

BUSINESS BRIEFS [Derived Headline]

Article excerpt

AMERICAN EAGLE SHARES PLUNGE

Shares of American Eagle Outfitters fell nearly 17 percent Friday after the South Side teen apparel retailer reported fourth quarter sales that fell short of analyst estimates. The company said same store sales for the period rose 4 percent and reaffirmed that it expects fourth quarter earnings of 40 to 42 cents per share. American Eagle shares finished Friday at $13.24, down $2.64.

NEXTIER COMPLETES ACQUISITION OF EUREKA BANK

NexTier Bank in Butler said it completed the acquisition of Pittsburgh-based Eureka Bank that was announced in September.

MYLAN, MOMENTA TO JOINTLY DEVELOP PRODUCTS

Mylan and Momenta Pharmaceuticals announced they would jointly develop and commercialize six of Momenta's biosimilar products. Mylan will make an upfront cash payment of $45 million and up to $200 million in payments if milestones are met. Each company will share equally in the costs and profits, with Mylan leading worldwide commercialization efforts. Momenta has an option to co- commercialize in the U.S. Biosimilars are the generic equivalent to biological drugs, which are made inside living things such as a microorganism. The deal includes Momenta's biosimilar for the rheumatoid arthritis drug Orencia. The other five products weren't identified. Separately, Mylan said its chief financial officer for the last six years, John Sheehan, would retire effective April 1. Mylan's board is searching for a replacement, the company said.

PPG COMPLETES $20 MILLION ELECTROCOAT CENTER IN CHINA

PPG Industries marked the completion of a $20 million center for on-site electrocoat coatings blending at its resin manufacturing facility in Zhangjiagang, China. The 37,500-square-foot center adds production and blending capacity for high-performance cathodic electrocoat (e-coat) coatings. It is PPG's second e-coat blending operation in China along with one in Tianjin. The new operation will help PPG meet growing demand by automotive-manufacturing and industrial customers for environmentally friendly coatings. …

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