Morning Minutes: Mallinckrodt sells to rival, SpiderOak moving to KC

Photos courtesy of Creative Commons
Photos courtesy of Creative Commons

Here are this morning’s top business headlines from across Missouri:

Mallinckrodt selling unit to French rival for $270 million

Mallinckrodt plans to sell its contrast media and delivery systems business unit to French competitor Guerbet for $270 million. Mallinckrodt, a pharmaceutical company that has its U.S. headquarters in Hazelwood, said the deal will allow it to focus on higher-growth segments of the company.

Tech privacy firm SpiderOak moving headquarters to KC, raising $3.5 million

SpiderOak Inc., a Chicago-area firm making technology to protect the privacy of customers’ online data, is relocating its headquarters to Kansas City by year’s end and plans to close on a $3.5 million funding round by Friday.

Progress plodding on legislation to allow Cuban trade, tourism

A bill that would increase agricultural trade with Cuba progressed out of a U.S. Senate committee last week, joining a different bill that would loosen limitations on travel to the island. But the restoration of relations between the U.S. and Cuba hasn’t moved at the pace that some would like — and such rapid progress does not appear imminent, according to experts on the subject.

Rumored square IPO would be sweet, bitter for St. Louis

Payments startup Square, founded by St. Louis natives Jim McKelvey and Jack Dorsey, reportedly has filed confidential documents for an initial public offering, which could be cause for both celebration and lamentation in St. Louis.

St. Louis, nonprofits combine on program giving 400 youth summer jobs

From about 1,000 applicants this year, 400 St. Louis youth were selected to take part in STL Youth Jobs, a program that offers summer employment to young people, mostly from high-crime areas.

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