Business news in brief

Posted: May 11, 2013

In the Region

FDA rejects Endo request

In a rebuke that Endo Health Solutions said might cost it $120 million in 2013, the Food and Drug Administration rejected the Malvern drugmaker's request that the agency deny approval to generic versions of its opioid painkiller Opana ER. Last year, Endo took the unusual step of asking the FDA to withdraw approval of its own drug on safety grounds. Endo sought approval of a new form that it said was tamper-resistant and wanted generics blocked from entering the market. The FDA dismissed Endo's suggestion, viewing it as an effort to deter competition. Afterward, Endo said it was "actively pursuing cost-reduction actions" in the wake of the FDA decision. - David Sell

New CEO at David's Bridal

David's Bridal Inc., the Conshohocken-based retailer, named Pamela B. Wallack, an executive at Gap Inc., as its new chief executive officer, effective May 28. Wallack replaces Robert D. Huth, who had led the company since 1999 and retired at the end of March. David's Bridal has about 300 stores. - Reid Kanaley

FAA to fund control towers

The 149 small-airport control towers slated for reduced hours or closure June 15, including Trenton-Mercer Airport, will stay open, U.S. Transportation Secretary Ray LaHood announced. The Federal Aviation Administration will transfer enough funds to end furloughs and keep the towers open through the end of the fiscal year Sept. 30. "We're happy the FAA has finally decided to do what's important for economically vibrant regions like Mercer County," said Mercer County Executive Brian Hughes. - Linda Loyd

A Parx proposed for Md.

Greenwood Gaming & Entertainment Inc., owner of Parx in Bensalem, said it was applying for a casino license in Maryland. The company is also partnered with Baltimore-based Cordish Cos. to build Live Hotel & Casino, one of six proposals competing for Philadelphia's second gaming license. Maryland Casino L.L.C. - a subsidiary of Greenwood - submitted an application to develop an $800 million hotel, gaming, and entertainment venue in Prince George's County to be called Parx Casino Hotel & Spa. - Suzette Parmley

Elsewhere

Regulators close two banks

Regulators closed a bank in North Carolina and one in Georgia, bringing the number of U.S. bank failures to 12 this year. - AP

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