Clinical Data to be Acquired by Forest laboratories

Clinical Data, a pharmaceutical company, has agreed to be acquired by Forest Laboratories, a New York-based drug maker, for $30 per share, or a total of $1.2 billion. Forest said the deal will allow it to leverage its existing presence in the antidepressant category through the launch of Viibryd, which was developed by Clinical Data and approved by the FDA on January 21. for the treatment of adults with major depressive disorder. The transaction was approved by the boards of both companies and is expected to be completed in the second quarter of 2011.

Pandora Files to Raise Up to $100 Million in IPO

Pandora, the provider of an Internet radio service, has filed with the Securities and Exchange Commission (SEC) to raise up to $100 million in its initial public offering (IPO). The company has yet to disclose other details of the offering, such as the number of shares to be sold or their expected price range. The IPO would make Pandora the first Internet music firm to go public since Napster in 2002. Pandora said it now counts more than 80 million registered users in the U.S. and commands a more than 50% of all Internet radio listening time among the top 20 stations and networks in the U.S. The company reported revenue of $55.2 million and a net loss of $16.8 million for the fiscal year ended Jan. 31

Google Makes Surprise Switch at the Top; Page to Take Over as CEO

In a surprise announcement, Google said that co-founder Larry Page will replace Eric Schmidt as CEO, beginning April 4. Schmidt will assume the role of executive chairman, focusing on deals, partnerships and broader business relationships, while co-founder Sergey Brin will focus on new products. Google said the moves will streamline decision making and create clearer lines of responsibility and accountability at the top of the company. "We've been talking about how best to simplify our management structure and speed up decision making for a long time," said Schmidt. "By clarifying our individual roles we'll create clearer responsibility and accountability at the top of the company." Schmidt has served as CEO since 2001, when he took over for Page. The news came as Google reported fourth-quarter net income of $2.5 billion on revenue of $8.4 billion.

Pfizer to Acquire FoldRx Pharmaceuticals

FoldRx Pharmaceuticals has agreed to be acquired by Pfizer, the pharmaceuticals giant. Specific financial terms were not disclosed, but Pfizer said it will make an upfront payment and contingent payments if certain milestones are achieved. Founded in 2004 and privately held, FoldRx is developing drugs for treating diseases caused by protein misfolding, which is considered an underlying cause in many chronic degenerative diseases.

VeriFone Systems Acquires WAY Systems

VeriFone Systems, a developer of electronic payment technology, said on Wednesday it has acquired the assets of WAY Systems, a developer of technology and services for mobile merchants. Under the deal, VeriFone will pay $6 million up front, as well as up to $3 million more depending on the company's future performance. WAY Systems was founded in 2002 with initial seed capital from Bill Melton, the founder of VeriFone. Through 2008, the company then received an additional $50 million in equity investments from Bessemer Venture Partners and Austin Ventures, as well as debt financing from Lighthouse Capital Partners. WAY holds patents for a range of intellectual property, including the connection of a mag-stripe reader to a mobile phone, PDA or smartphone. "The intellectual property we are acquiring will significantly contribute to our vision of empowering wide scale adoption of mobile payments," said Jeff Dumbrell, an executive vice president at VeriFone.

Covidien Sells Specialty Chemicals Business for $280 Million

Covidien, an Ireland-based provider of healthcare products with a major U.S. presence, today announced that it has completed the previously announced sale of its specialty chemicals business to New Mountain Capital for about $280 million in cash. The decision to sell the unit is consistent with Covidien’s strategy to streamline its portfolio and reallocate resources to its faster-growing, higher-margin businesses, the company said. Covidien manufactures product lines in three segments -- medical devices, pharmaceuticals and medical supplies.

Google Acquires Comparison Shopping Site Like.com

Google has acquired comparison shopping site Like.com, in a deal sources told TechCrunch values the company at around $100 million. Founded in 2006 and formerly known as Riya, Like.com has to date raised over $50 million in financing from backers including Menlo Ventures, Crosslink Capital, BlueRun Ventures, Leapfrog Ventures and Bay Partners. Like.com offers an image search engine that can identify a product and allow users to search for similar items across the web, for purposes of comparing prices. "We were the first to bring visual search to shopping, the first to build an automated cross-matching system for clothing, and more," Like.com CEO Munjal Shah wrote in a note on the company's site. "We see joining Google as a way to supersize our vision and supercharge our passion."