Business news in brief

Posted: March 31, 2013

In the Region

Frontier to suspend flights

Frontier Airlines will suspend flights from the Trenton/Mercer Airport in Ewing, N.J., from Sept. 9 through Nov. 7 because of a scheduled runway project. Airport officials say the project involves safety upgrades required by the Federal Aviation Administration. Frontier, which began scheduled service at the Trenton airport in January, called the suspension temporary and thanked county officials for moving the work to the "lowest demand period of the year." The move comes as Frontier is set to offer new low-fare service, starting April 8, from Trenton to five new nonstop destinations: Atlanta; Chicago-Midway; Columbus, Ohio; Detroit; and Raleigh/Durham. - Mike Armstrong

FDA OKs J&J diabetes drug

The Food and Drug Administration on Friday approved a first-of-its-kind diabetes drug from Johnson & Johnson that uses a new method to lower blood sugar - flushing it out in patients' urine. The agency cleared J&J's Invokana tablets for adults with Type 2 diabetes, which affects an estimated 26 million Americans. Analysts estimate Invokana could eventually generate more than $1 billion in sales annually for the New Brunswick, N.J., company. - AP

Sold: 2 Collegeville buildings

TA Associates Realty of Boston acquired the two office buildings that make up the Highview at Providence Corporate Center near Collegeville from Equus Capital Partners Ltd. for $33 million. Equus, formerly known as BPG Properties, built Highview in 2003 for Wyeth, which vacated the 183,000 square feet of space after it was acquired by Pfizer Inc. in 2009. IMS Health Inc. leased much of the space. - Joseph N. DiStefano

AmerisourceBergen divests

AmerisourceBergen Corp. of Chesterbrook has agreed to sell its Canadian drug-distribution business to Kohl & Frisch Ltd. for between $80 million and $100 million. The transaction is scheduled to close by the end of May. AmerisourceBergen said it expected to record a loss on the sale of between $160 million and $180 million for its current quarter. The drug wholesaler said the Canadian business accounted for 2 percent of its total revenue of $79.5 billion. - Inquirer staff

Rait raises size of offering

Rait Financial Trust, a Philadelphia provider of debt financing to commercial real estate owners, increased a secondary offering of its common shares by 1 million to 7 million shares at a price of $7.87 per share. - Inquirer staff

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