Daily Business Report: Friday, Aug. 6, 2021
Qualcomm tops Magna’s bid for Swedish auto
parts maker Veoneer, setting stage for bidding war
Qualcomm Inc. said Thursday it has submitted an offer to acquire Swedish auto parts maker Veoneer for $4.6 billion in an all-cash transaction, which tops a bid by Canada’s Magna International that was accepted by Veoneer’s board.
U.S.-listed shares of Veoneer rose 21.7 percent in premarket trading as the stage was set for a bidding war. Neither Magna or Veoneer made any immediate comment.
Demand has been on the rise for advanced driver assistance systems, known in the industry as ADAS, that add features ranging from collision warning to parking assist. Some systems collect data from cameras and radar to monitor surroundings, interpret the situation and take action.
Apart from powering mobile phones, Qualcomm has been a chip supplier to carmakers for a decade and last year started its own line of ADAS systems called Snapdragon Ride.
Qualcomm said the proposed acquisition is consistent with its growth and diversification strategy, reinforces the company’s commitment to bring advanced technologies to the automotive industry and represents a natural extension of Qualcomm’s digital chassis solutions.
PHOTO: Closeup of Qualcomm’s auto tablet. Qualcomm has been a chip supplier to carmakers for a decade
Versant Ventures announces acquisition
of portfolio company Vividion Therapeutics
Versant Ventures, a health care venture capital firm, announced Thursday that portfolio company Vividion Therapeutics has been acquired by Bayer AG for $1.5 billion up front and up to $500 million in potential future milestone payments. The acquisition represents one of the largest transactions for a preclinical-stage biotechnology company.
Versant’s Series A investment in Vividion builds on a successful track record of San Diego-based startups including Amira Pharmaceuticals, Quanticel Pharmaceuticals, Jecure Therapeutics, Crinetics Pharmaceuticals and multiple spinouts launched from the firm’s San Diego-based Inception Therapeutics Discovery Engine.
“San Diego possesses a world-class academic community for discovery research and access to high-quality entrepreneurs for company creation,” said Thomas Woiwode, managing director at Versant and a Vividion board member. “The result is a tremendous environment for venture capital investment.”
Altium advances STEM education with
expanded curriculum and new partnerships
Altium LLC, a software company headquartered in San Diego, has launched a more advanced version of Upverter Education, a free distance learning initiative to support STEM educators.
The free Electronics Design Essentials program was designed for high school STEM teachers covering everything from engineering to robotics, with guided courses, certification and Upverter, an easy-to-use web-based tool for electronics design.
The advanced program—the Upverter Modular Electronics Design—focuses on modular board design, allowing students to grow their knowledge while applying the fundamental concepts, empowering progressive learning in virtual, hybrid, and in-person classroom settings.
Upverter Education recently became a Google Classroom partner as part of the Google for Education initiative. It also partnered with First Robotics and has been included as a free resource in this year’s “Virtual Kit” giving robotics teams access to curriculum and tools teaching electronics design.
Engineering pro Gary Bousquet appointed
director of engineering for Water Authority
Gary Bousquet, a 30-year civil engineering professional, has been appointed director of engineering for the San Diego County Water Authority. Bousquet fills the position vacated by the retirement of Jerry Reed, whose 26-year career with the Water Authority included the past six years as Engineering Department director.
With Bousquet’s promotion, Engineering Manager Neena Kuzmich was promoted to deputy director of engineering. Kuzmich is a professional civil engineer with more than 20 years of experience, including the past eight years leading complex engineering projects at the Water Authority.
Bousquet joined the Water Authority in 1999 after working in the private sector designing and performing construction management of water and wastewater treatment projects. During the past 22 years at the Water Authority, Bousquet managed design and construction of Capital Improvement Program projects including the San Vicente Tunnel, San Vicente Pump Station, and the Lake Hodges Hydroelectric Facility.
For the past several years, he served as deputy director of Engineering, leading the agency’s CIP Design and Energy Projects Group, Engineering Administration Services Group, and the Water Authority’s Innovation Program.
San Diego Press Club to present
‘Write Better Right Now’ workshop
The San Diego Press Club will host a virtual workshop on Tuesday, Aug. 24 from 6 to 7 p.m. The “Write Better Right Now” workshop is part of the ongoing Press Club “Nuts and Bolts” professional development series featuring veteran journalists.
The event will feature Dana Littlefield, an editor at The San Diego Union-Tribune, who will share tips on how to find a unique voice and improve writing. Her advice will include getting unstuck when beginning a story, writing to serve the story and inform the reader, using emotion without being too heavy, melodramatic or maudlin and more.
This event is free to attend for San Diego Press Club members. Guests and nonmembers are $10. An optional donation of $15 is suggested to cover the nonprofit’s future programming and operational costs.
Webinars are recorded and a link will appear on the Press Club website for viewing at a later date.
Click here to register for the event.
Kratos partners with North American Wave Engine
Corporation to develop air-launched platform
San Diego-based Kratos Defense & Security Solutions Inc. has partnered with North American Wave Engine Corporation to develop the Versatile Air-Launched Platform (VALP), an air-launched vehicle designed to leverage and demonstrate low-cost, high-impact technologies for future aerial systems. The VALP will use Wave Engine Corp.’s propulsion technology to bend the cost curve and reduce lead times for capabilities necessary to challenge near peer adversaries.
In June 2021, Wave Engine Corp. was awarded a $1 million contract from the United States Air Force Armament Directorate to build and demonstrate the VALP as part of the USAF’s efforts to develop high-impact technologies critical to the future of aviation and aerial combat. In support of this contract award, Kratos will be leading the aerodynamic and structural design of the airframe, as well as providing systems engineering support.
San Diego Black Homebuyers Program launched
by San Diego Foundation, LISC, Urban League
The San Diego Foundation, LISC San Diego and the Urban League of San Diego County have joined together to launch the San Diego Black Homebuyers Program with a goal to improve the racial wealth gap in San Diego by investing in generational wealth-building opportunities through Black home ownership.
Founded and seed-funded by an initial pledge of $1 million by The San Diego Foundation Black Community Investment Fund, along with administrative funding from the County of San Diego, through the office of Board of Supervisors Chair Nathan Fletcher, the goal of the fund is to further wealth building and a stabilizing force for family, community, health and self.
In addition, financial institutions are partnering with the coalition as mortgage lenders and grantors.
Along with providing mortgage financing, a participating lender will provide at least $9,000 in grants for qualifying homebuyers and leverage matching grants through sources such as the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH).
Mardi Gras 2020: A fateful super-spreader event
New Orleans’ Mardi Gras festival of February 2020 appears to have driven one of the worst early outbreaks of COVID-19 in the United States, according to a study led by scientists at Scripps Research.
In the study, which appears in Cell, the scientists sequenced and analyzed the COVID-19-causing coronavirus, SARS-CoV-2, recovered from patients, as well as data on population movements, COVID-19 deaths, and other relevant sources of information for the first wave of the pandemic in Louisiana. They concluded that SARS-CoV-2 most likely came to Louisiana in early February 2020 from a single infected person in Texas and spread to hundreds of people during the Mardi Gras festival later that month—seeding the large outbreak of COVID-19 in Louisiana and neighboring states that became apparent in March.
“Our findings show how a single, large-scale social event can play a major role in kick-starting a viral epidemic when no restrictions are in place,” says study co-first author Mark Zeller, a postdoctoral researcher in the laboratory of Kristian Andersen, professor in the Department of Immunology and Microbiology at Scripps Research in California.
Junior League of San Diego to reopen historic headquarters
The Junior League of San Diego will reopen its historic headquarters located at 210 Maple St. in Bankers Hill following a long-awaited renovation. The League, a women’s organization, focuses on community development, volunteerism and mentorship.
The project cost of $750,000 has been primarily funded by past and present League members to provide an inclusive, safe and functional space to serve its 1,000 volunteer members, 120 community partners and 1,200 youth exiting foster care.
The renovations, begun in August 2019, were led by Martin Architecture and Irwin Building Company. the goal was to create a place to connect, train, mentor and be mentored and ultimately develop exceptional San Diego leaders and community partners. Built in 1917, the historic structure was designed in the style of Irving Gill by the acclaimed architect’s nephew and partner, Louis Gill.
The League will host a ribbon cutting ceremony on Saturday, Aug. 28, at 10 a.m.
SwabTek introduces new test kit
to identify hemp vs. marijuana
SwabTek, a San Diego company, is introducing the third installment in the new generation of SwabTek test kits, a real-time test for THC. The test was designed to meet the demand of law enforcement organizations to be able to discern between hemp and marijuana while in the field. The THC test kit is the latest entry in SwabTek’s portfolio of tools for explosives and narcotics detection.
The SwabTek THC test kit is designed to be used in analyzing the concentration of Total THC present in a given sample. THC is the psychoactive component of cannabis, and its concentration marks the difference between hemp and marijuana. If a sample is suspected of containing THC, SwabTek’s test can be used to presumptively indicate its presence and its concentration. The test can be used on both plant material and cannabis extracts such as oils, creams, and gels.
Glen Oaks Escrow opens new office in Del Mar
Glen Oaks Escrow announced that it has opened its newest office location in Del Mar.
Over the years, Glen Oaks Escrow has consistently looked for new areas to expand its reach to help support its mission of running exceptional real estate service businesses.
The Glen Oaks Escrow Del Mar office is located at the recently renovated Bungalows Del Mar at 2010 Jimmy Durante Blvd., Suite 100. This location will serve clients throughout the greater San Diego region and will provide traditional resale escrow services, along with specialization areas that include 1031 exchanges, commercial, subdivisions, and more.
The new office will be managed by Lisa Shultz, who has been serving clients in the Del Mar area for over 34 years and has a proven track record of creating raving fans out of her clients. In addition, Janice Floe will serve as an escrow officer at the new location. She possesses over 32 years of escrow experience.
San Diego County Credit Union
to present program on Social Security
San Diego County Credit Union and Franklin Templeton Investments will present a free educational webinar titled “Securing Social Security: Today, Tomorrow and for the Future” on Wednesday, Aug. 11, 2021 from 12:30 to 1:30 p.m. The webinar will be hosted by Diane Tallarico, vice president and senior advisor consultant representing Franklin Templeton.
This free webinar is open to the public, but virtual seating is limited and reservations are required. For webinar details, please visit sdccu.com/fww.
During the webinar, Tallarico will offer valuable insight into navigating Social Security, discussing the many decisions involved in claiming Social Security, possible consequences and strategies to maximize the benefits received.
Tallarico began her career in the financial services industry when she joined Franklin Templeton Investments in 1984. As an adviser to the advisers.
