Union square

Lab project near Union Square in Somerville aligns with funding

Another large lab project is about to be launched in the Cambridge-Somerville border areas just south of Union Square. The developers of 808 Windsor, part of the Boynton Yards complex, secured a $ 246 million loan from Arkansas-based bank OZK to begin construction, according to real estate firm JLL, which negotiated the transaction. The 11-story, 353,000-square-foot building is located in Somerville, adjacent to the Union Square Green Line station which will open next year. It will be the second building of six 1.3 million square foot Boynton Yards buildings to raise funds and begin construction without tenants – a sign of confidence in the burgeoning laboratory and life sciences market. The first, about a block away at 101 South Street, was fully leased earlier this year by venture capital firm Flagship Pioneering, for four of its holding companies. Flagship has a 300,000 square foot lease option elsewhere at Boynton Yards, which is being developed by Leggat McCall and private equity firm DLJ Real Estate Capital Partners. – TIM LOGAN

TECHNOLOGY

Online education company Skllsoft buys rival Codeacademy for $ 525 million

Nashua, NH-based Skillsoft, which offers online training programs for businesses, is acquiring rival Codecademy for $ 525 million. The deal is expected to close in the first half of 2022. New York-based Codeacademy has focused on offering free courses in topics related to computer programming, while Skillsoft has developed a wider range of courses on everything from marketing and compliance to cybersecurity. . Skillsoft said they have 46 million one-on-one course users compared to 40 million at Codeacademy. The acquisition follows Skillsoft’s merger with a special purpose acquisition company in June. A year earlier, Skillsoft declared bankruptcy due to a pandemic-induced income crash and quickly reorganized while getting rid of most of its debt. Skillsoft shares fell 2% on Wednesday, leaving the stock down 8% for the year. AARON PRESS

LITIGATION

Blue Cross sues Regeneron over the sale of eye care

The state’s largest private health insurer sued Regeneron Pharmaceuticals in federal court in Boston, accusing the Tarrytown, NY-based drugmaker of illegally supporting sales of its eye treatment Eylea. Boston-based Blue Cross Blue Shield of Massachusetts says Regeneron has maintained its dominance in the age-related macular degeneration treatment market by transferring funds to a charity called Chronic Disease Fund Inc., the CDF covering reimbursable costs for Eylea, but not for competing and less expensive drugs. To date, the insurer said it has paid more than $ 100 million to cover patient costs for Eylea, a drug that generated nearly $ 5 billion in revenue for Regeneron in 2020 alone. Regeneron is already doing this. facing similar litigation from United Healthcare and the US Attorney General’s Office in Massachusetts; the company is one of many drugmakers that have been accused of using charities to help cover co-payments and maintain market share. A spokesperson for Blue Cross Blue Shield declined to comment, and a spokesperson for Regeneron could not be reached for comment. JON CHESTO

TECHNOLOGY

Intel heats up in China over its position on employment

Intel Corp. faces criticism in China after asking suppliers not to use labor or products from Xinjiang, threatening to trap the US chipmaker in a human rights dispute in the region from the far west of China. Users of the Twitter-like Weibo service this week published a letter sent by Intel in December, saying it has an obligation to ensure its supply chain is not employing labor or buying. no goods and services from Xinjiang. Nationalist news site Guancha accused the chipmaker of siding with Western governments, which have imposed restrictions on products in the region. A hashtag on the subject has generated more than 250 million views on Weibo. Intel’s stance on Xinjiang is not new: The chipmaker’s corporate responsibility report released earlier this year says due diligence checks showed it was not using any labor. work or procured goods or services from the region. The chipmaker, which derived more than a quarter of its 2020 revenue from China, did not immediately respond to a request for comment. Foreign companies operating in China are finding it increasingly difficult to strike a balance as they attempt to maintain access to its huge market without ignoring the concerns of their home country. Western governments, including the United States, have accused Beijing of imposing forced labor on Xinjiang, including in the cotton industry, and imposed sanctions for alleged human rights violations. China said the allegations were unfounded and responded with its own sanctions. BLOOMBERG NEWS

RETAIL SELLING

Supply chain issues cloud some Christmas displays

The plump penguins with winter scarves were lit up, as was virtually the entire exterior of Leonard Mosley’s home in Del City, Okla. He had accumulated enough lights over 15 years of holiday decorating to spell “Merry Christmas” and “Happy Birthday Jesus” in cursive through his roof and a fence. He estimates that he invested more than $ 3,000 in his installation, and yet it was not enough. “I’m here looking for lights,” Mosley, 59, said as he searched the aisles of a Walmart for blue bulbs this month. He left empty-handed, joining many vacation home decorators struggling to find supplies amid the global supply chain crisis, a lingering disruption that has not spared those who obsessively transform their products. houses in Wonderland illuminated every December. This month, retail experts said, evidence of the disruption in the supply chain could be seen in decorative aisles picked up from stores and on websites warning customers of the limited stock of some. basic products for the holidays. Items in short supply include inflatable Santas on motorcycles, twinkling red and green lights, and computer chips that flash neighborhood displays to the beat of holiday songs. The shortage has created a last-minute frenzy to hunt for items that are now impossible to find or much more expensive. The National Retail Federation estimates that the average consumer will spend $ 231 this year on holiday purchases other than gifts, including food, cards and decorations, up from $ 215 in 2018. – NEW YORK TIMES

AVIATION

Airline capacity is expected to increase next year, as will fares

A rebound in global airline capacity is expected to accelerate in the second half of next year, but transatlantic traffic is unlikely to return to pre-pandemic levels until 2023, according to an aviation consultancy. In addition, air fares are expected to increase significantly next year, due to rising labor costs and environmental concerns, “as well as the need for airlines to rebuild their balance sheets,” said Richard Evans, senior consultant at Cirium. The British firm released its aviation forecast for 2022 on Wednesday. Airlines borrowed heavily in 2020 to resist the pandemic slowdown, with traffic falling by more than 80% in most markets. Globally, Cirium predicts that airline capacity, measured in seat-miles per kilometer, will increase by 47% next year, bringing the industry back to its 2015 levels for the year. For North America, the company forecasts a 37% increase in 2022, due to the significant US domestic recovery already underway this year. Global airline capacity this year ends at 31% below 2019, Cirium said, although domestic markets in China and the United States have exceeded pre-pandemic levels. BLOOMBERG NEWS