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."

Apple to Close Mobile Ad Network Quattro

Apple plans to shutter mobile ad network Quattro Wireless, which it acquired for $275 million last year, in order to focus squarely on its own recently introduced iAd format. "We believe iAd is the best mobile ad network in the world, and starting next month we're going to focus all of our resources on the iAd advertising platform," Apple wrote in a note on QuattroWireless.com. "We are no longer accepting new campaigns for the Quattro Wireless Network, and we will soon begin winding down existing campaigns. As of September 30, we will support ads exclusively for the iAd Network." Business Insider notes the move could be a boon to mobile ad networks like AdMob, Millennial Media and JumpTap -- for advertisers not interested in the iAd format.

Yahoo on Verge of Deal for CafeMom

Yahoo reportedly could be on the verge of acquiring CafeMom, a New York-based social networking site for mothers. Yahoo is looking to pay around $100 million for the four-year-old site, which attracts approximately 6.7 million unique visitors a month. Disney also has been seen as a possible suitor. The site allows moms to connect on topics such as pregnancy, raising boys, recipe swapping and marriage. Investors include Highland Capital Partners and Draper Fisher Jurvetson.

Lycos Acquired by Ybrant Digital for $36 Million

Ybrant Digital, an India-based provider of digital marketing technology, on Monday announced it has signed an agreement to acquire Lycos, a provider of search-based Internet properties and services, from Daum Communications of Korea, for $36 million in cash. Daum reorganized Lycos in 2009 and has turned the company profitable, according to the announcement. Founded in 1994, Lycos offers tools for video viewing and sharing, social networking, blogging, web publishing and hosting, online games, e-mail, and search. The company reports consistently averaging 12-15 million monthly unique visitors in the U.S., and is a top 25 Internet destination worldwide, reaching nearly 60 million unique visitors globally.

Google Reportedly Acquiring S.F.-Based Virtual Payments Firm Jambool

Google will acquire San Francisco-based Jambool, the developer of a virtual monetization platform, TechCrunch reported. The blog cited sources who say the purchase price was $55 million, plus an earnout worth another $15-$20 million. Jambool was founded in 2006, and to date has raised at least $6 million in venture capital from investors including Bay Partners, Madrona Venture Group, Charles River Ventures, Bay Partners and The Hit Forge. The company's service lets developers build virtual payment platforms into their applications and online games.

http://techcrunch.com/2010/08/09/google-aquires-jambool-social-gold/

Apple in Talks to Buy Chinese Game Developer

Apple is in talks to acquire Chinese online game developer Handseeing. "We should have a decision in about one or two months," said Tian Bo, the vice president for operations at Handseeing. "They're still talking about it and it's not quite settled yet right now." Cupertino-based Apple declined to comment. Handseeing develops online games that integrate Chinese folklore. Tian added that the deal -- if realized -- would represent Apple's first acquisition in China.

Federal Trade Commission Settles with Chipmaker Intel

The Federal Trade Commission (FTC) on Wednesday agreed to settle its case against Silicon Valley chipmaker Intel, resolving charges that the company illegally stifled competitors. Under the agreement, Intel will be barred from using threats, bundled prices or other efforts against competing makers of central processing units (CPUs), graphics processing units (GPUs) and chipsets. The deal specifically gives three companies -- AMD, Nvidia and Via -- more freedom to consider mergers or joint ventures with other companies, without the threat of being sued by Intel for patent infringement. "This case demonstrates that the FTC is willing to challenge anticompetitive conduct by even the most powerful companies," said FTC Chairman Jon Leibowitz. "By accepting this settlement, we open the door to competition today and address Intel's anticompetitive conduct in a way that may not have been available in a final judgment years from now." The FTC sued Intel in December 2009, alleging that the company used anticompetitive tactics to cut off rivals’ access to the marketplace. "The settlement enables us to put an end to the expense and distraction of the FTC litigation," said Doug Melamed, Intel's senior vice president and general counsel.

http://www.ftc.gov/opa/2010/08/intel.shtm
http://www.intel.com/pressroom/legal/index.htm

X Prize Foundation Launches $1.4 Million Oil Cleanup Competition

The X Prize Foundation, the California-based non-profit that previously held competitions seeking innovative ideas in the areas of private spaceflight and ultra-fuel efficient vehicles, on Thursday in DC announced its latest effort -- a $1.4 million competition focused on oil cleanup in the Gulf. The Wendy Schmidt Oil Cleanup X Challenge aims to inspire entrepreneurs, engineers, and scientists to develop groundbreaking new ways to capture crude oil from the ocean surface. Teams will be able to register for the competition through April, with an expert panel of judges evaluating proposals based on factors such as technical approach and commercialization plan, environmental impact, ability to deploy the technology and the improvement of the technology over today's baseline booms and skimmers.

http://www.iprizecleanoceans.org
http://www.xprize.org/media-center/press-release/x-prize-foundation-announces-wendy-schmidt-oil-cleanup-x-challenge

Apple: Jailbreaking iPhone Will Still Void Your Warranty

Apple has responded to a ruling by the U.S. Copyright Office that will let iPhone owners legally run programs not authorized by Apple by issuing a statement reminding users that the act - known as "jailbreaking" - will still void their warranties. "Apple's goal has always been to insure that our customers have a great experience with their iPhone and we know that jailbreaking can severely degrade the experience," the company told the blog Cult of Mac. "As we've said before, the vast majority of customers do not jailbreak their iPhones as this can violate the warranty and can cause the iPhone to become unstable and not work reliably." The Copyright Office said on Monday that jailbreaking an iPhone does not violate the Digital Millennium Copyright Act.

http://www.cultofmac.com/apples-official-response-to-dmca-jailbreak-exemption-it-voids-your-warranty/52463

Federal Judge Blocks Arizona Immigration Law

U.S. District Judge Susan Bolton earlier today blocked the most controversial parts of Arizona's immigration law from taking effect. The overall law will still take effect Thursday, but without the provisions that most angered opponents – including sections that required officers to check a person's immigration status while enforcing other laws. Judge Bolton also put on hold parts of the law that required immigrants to carry their papers at all times, and made it illegal for undocumented workers to solicit employment in public places. In addition, the judge blocked officers from making warrantless arrests of suspected illegal immigrants.

http://www.huffingtonpost.com/2010/07/28/arizona-immigration-law-s_n_662376.html

Federal government rules in favor of iPhone "jailbreaking"

A new ruling by the Library of Congress' Copyright Office will let iPhone owners legally download and run apps from sources other than Apple's App Store. The Electronic Frontier Foundation said that the practice, known as "jailbreaking," already has been carried out by more than 1 million iPhone owners in violation of the Digital Millennium Copyright Act (DMCA), either to change wireless providers or use unauthorized apps. In its ruling, the Copyright Office rejected Apple's claim that the practice was prohibited by current copyright laws.

http://www.eff.org/press/archives/2010/07/26

Private equity firm closes new $613 million fund focused on Africa

Emerging Capital Partners, a DC-based private equity firm focused on investing across the African continent, said that it has closed a new $613 million fund, known as Africa Fund III. The fund is the seventh overall for ECP, bringing the firm's total capital raised to more than $1.8 billion, with more than $1 billion invested to date.

The firm said it will seek controlling stakes or influential minority stakes in markets such as telecommunications, natural resources, financial services, agriculture, transportation and utility businesses. The firm has a 10-year track record of investing in Africa through seven successful funds, with investments in more than 50 companies across 40 African countries.

"Investors can see development models that were successful in India, Brazil and Mexico and project that growth onto Africa," said Vincent Le Guennou, the co-CEO of ECP. "Many see Africa as the next place that's going to boom."

http://www.ecpinvestments.com
http://www.ecpinvestments.com/news/2365.xml

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