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Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, August 9, 2000

A&B buys complex near Los Angeles

Alexander & Baldwin Inc. said it has purchased a warehouse complex outside Los Angeles for an undisclosed price.

The Ontario Distribution Center consists of three warehouses with a total of 895,000 square feet of leasable space, on 38 acres about three miles from the recently expanded Ontario International Airport, A&B said. The complex, developed in 1988 by Prudential Real Estate, is fully leased, A&B said. The Honolulu-based company, which has been expanding its commercial property business, now owns 21 properties on the mainland.

Raytheon to work on Johnston Atoll

VIENNA, Va. -- Raytheon Co. said today it won a $250 million Air Force contract to provide cleanup and other services on Johnston Atoll.

Lexington, Mass.-based Raytheon said the agreement covers an initial six-month period followed by six one-year options and a seventh six-month option. Work under the new contract is scheduled to begin in September.

The atoll, a U.S. possession about 825 miles southwest of Honolulu, is the site of an Army incinerator that has destroyed more than 3.8 million pounds of chemical weapons and is scheduled to be closed in January. The area originally was part of the U.S. nuclear testing program and has about 45,000 metric tons of contaminated soil.

Eli Lilly tumbles on Prozac ruling

INDIANAPOLIS -- Eli Lilly & Co. said today that a U.S. federal appeals court reversed a decision from a lower court that had given the company's blockbuster antidepressant drug Prozac patent protection through 2003, raising the likelihood for early generic competition and sending Lilly's stock tumbling $32.56 to $76.

In a victory for Barr Laboratories Inc. and other generic drug manufacturers, the court reversed a ruling by the U.S. District Court for the Southern District of Indiana that allowed Lilly to hold two patents on the world's No. 1 antidepressant. Barr shares soared $30.25 to $76 on today's ruling.