Conejo ValleyNEWBURY PARKThe U.S. Supreme Court declined to hear Novartis AG’s appeal of a lower court’s decision, allowing locally based pharmaceutical giant Amgen Inc. to keep its patent protection for the rheumatoid arthritis drug Enbrel until 2029. Enbrel, also known as etanercept, is Amgen’s top-selling drug, accounting for nearly $5 billion of the company’s $24.2 billion in product sales in 2020. The medication is used to treat adults with moderate to severe active rheumatoid arthritis and was launched in 1998 by Immunex Corp., which Amgen acquired in 2002. In the initial 2016 lawsuit, Novartis subsidiary Sandoz Inc. sought to market a generic version of the drug. Immunex sued for patent infringement and Sandoz accused Immunex of wrongfully extending the life of its monopoly on the drug through a 2004 deal that took over a rival company’s patent applications on similar research and amended them to cover Enbrel, according to reporting by Reuters. The successful applications now protect Enbrel from competition until 2029. Last year, the Washington-based U.S. Court of Appeals for the Federal Circuit rejected Sandoz’s argument, saying that Immunex did not fully take over the patents, which were therefore still valid through 2029. The Supreme Court affirmed that ruling by declining to hear Sandoz’s challenge.THOUSAND OAKSTeledyne CML Composites has invested to build a new thermoplastic processing cell with increased capacity. The subsidiary of Thousand Oaks-based Teledyne Technologies Inc.
is a manufacturer of composite aerospace components for commercial and defense customers. The new processing cell, developed in conjunction with the U.K.’s National Composites Centre or NCC, utilizes two press and oven systems with infrared heating, platen heating and a maximum force of 400 tons. The cell is capable of processing multiple reinforced thermoplastics, each with different melting and cooling temperatures. “Having identified thermoplastics as a key technology in our long-term growth ambitions, this investment adds an exciting new automated manufacturing capability to our business,” John Toner, vice president of Teledyne Aerospace and Defence Electronics UK and general manager of Teledyne CML Composites, said in a statement. The NCC is a research center with more than 350 composite specialists based at its Bristol facility.WESTLAKE VILLAGESmall business mortgage provider Velocity Financial Inc. announced that it has closed its first securitization of 2021. An aggregated $265 million of mortgage certificates are backed by a portfolio of loans originated through Velocity’s operating platform. The certificates, priced with a weighted average fixed rate of 1.74 percent, were rated by Kroll Bond Rating Agency and DBRS Morningstar. Securitization is a process in which an issuer creates an investment instrument by pooling together financial assets – in this case mortgages on commercial properties and apartment buildings – into a group. “I am pleased with the strong market reception of our first securitization in 2021, which reflects Velocity’s extensive track record,” said Velocity’s Executive Vice President of Capital Markets Jeff Taylor in a statement. “The outstanding history of Velocity’s existing securitizations has resulted in our ability to reduce funding costs and access the capital needed to grow the business successfully. Broad investor demand tightened spreads for the entire capital stack and lowered our weighted average coupon by over 1 percent. … As with our other securitizations, we will continue our practice of retaining at least 5 percent of our deals, which creates a strong alignment of interests with investors.” Velocity originates loans nationwide through an extensive network of independent mortgage brokers it has built and refined over 16 years.San Fernando ValleyNORTH HOLLYWOODAn industrial complex has sold for $3.4 million at 7129-7133 Vineland Ave., located near the corner of Sherman Way and Vineland Avenue, near the Hollywood Burbank Airport. The industrial complex is comprised of a pair of commercial buildings spanning 13,325 square feet, with one building totaling 3,800 square feet and the second building covering 9,525 square feet. This complex accommodates seven separate units. The buildings, built in 1954 and renovated in 2019, feature functional warehouse space, grade-level doors and parking. The property is situated on a 29,981-square-foot M2-zoned parcel. Yair Haimoff and Barry Jakov with Spectrum Commercial Real Estate Inc. represented the seller, Daryoush Rad of Van Nuys, who Costar records show purchased the property from Burbank-based Carnahan Arch Limited Partnership in 2017. The buyer, represented by Woodland Hills realtor Tom Carnahan, is an undisclosed owner/user. Haimoff and Jakov said that they received multiple, full-price offers for the property, showing that an interest in multitenant properties in the San Fernando Valley continues strong during the pandemic. SHERMAN OAKSAn 18-unit multifamily property has sold for $10.8 million, or $600,000 per unit. The units, located at 4623 Willis Ave., are called Via Sherman Oaks. According to CoStar Group data, these apartments were built in 1999 and renovated just last year. The four-floor complex covers 24,046 square feet. Avison Young Principal Peter Sherman negotiated on behalf of the seller, a West Coast multifamily investor while the buyer, a private family investor based in Los Angeles, was represented by another brokerage. The brokerage said the per-unit price was a record for the San Fernando Valley. “Our comprehensive marketing plan and persistence throughout the entire transaction process was integral to achieving this record-breaking result for the seller,” Sherman said in a statement. “The seller took advantage of those strengths and did a masterful job on extensively remodeling and completing high-end upgrades for 10 of the 18 units. The buyer will benefit with a straightforward plan to pursue those same interior unit renovations on the remaining units to further drive income growth.” Tri-CitiesBURBANKAT&T Inc. will spin off its WarnerMedia division to join forces with Discovery Inc. to create one of the largest media companies in the world. The Dallas-based telecommunications giant will receive $43 billion for its media assets, which includes Warner Bros. Entertainment and streaming service HBO Max. Under terms of the deal, AT&T shareholders would own 71 percent of the new company, while Discovery shareholders would own 29 percent. The transaction unites complementary and diverse content strengths with broad appeal. WarnerMedia will bring its studios and portfolio of scripted entertainment, animation, news and sports, while Discovery has a library of unscripted and international entertainment and sports, the company said. Discovery Chief Executive David Zaslav will lead the proposed new company. The deal is expected to close in mid-2022. Zaslav said in a statement that he was excited to combine such historic brands. “With a library of cherished IP, dynamite management teams and global expertise in every market in the world, we believe everyone wins … consumers with more diverse choices, talent and storytellers with more resources and compelling pathways to larger audiences, and shareholders with a globally scaled growth company committed to a strong balance sheet that is better positioned to compete,” Zaslav said.— Compiled by Michael Aushenker
AROUND THE VALLEYS
