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.