In other items: Gates promises firm will work with EU; stockholders give Molson Coors Brewing merger solid OK; and another key executive leaving TiVo.
Nastech Pharmaceuticals said yesterday the Food and Drug Administration has approved Nascobal, a nasal spray for Vitamin B-12 deficiency.
Bothell-based Nastech developed the product and sold the worldwide marketing rights for Nascobal to Questcor in June 2003. It will get a $2 million milestone payment in connection with the FDA approval, and fees from manufacturing the product for Union City, Calif.-based Questcor.
Microsoft Chairman Bill Gates said yesterday that the software company was dedicated to cooperation with the European Union despite complications created by the landmark EU ruling and record fine against the company.
Gates promises firm will work with EU
“We at Microsoft are committed to working with the EU institutions,” Gates said after meeting with European commissioners on trade, industry and internal market issues.
Last March’s commission ruling that Microsoft abusively wielded its Windows software monopoly and locked competitors out of the market and the imposition of a fine of $651 million were sidestepped during the amicable talks, officials said.
Molson Coors Brewing
Adolph Coors shareholders overwhelmingly approved a merger with Canada’s Molson yesterday, one of the last steps in a $3.4 billion deal that will combine two family-run breweries hoping to keep up with the race for new international markets.
Stockholders give merger solid OK
The deal won support from 92 percent of Coors stockholders, the company said. Molson shareholders approved it last week.
A hearing in Quebec Superior Court is scheduled today for final approval. The deal is expected to close Feb. 9.
The new Molson Coors Brewing will have 15 breweries and nearly 15,000 employees making brands such as Molson Canadian, Coors Light, Carling, Keystone, Aspen Edge, Zima, Rickard’s and Kaiser.
SAN JOSE, Calif. — TiVo said yesterday Marty Yudkovitz has resigned as president, marking the second major change in as many weeks in the executive ranks at the embattled digital video-recording company.
Another key exec leaving company
The departure of Yudkovitz, a former NBC executive, comes two weeks after CEO Mike Ramsay said he would stay until a replacement was found.
Companies are fast encroaching on TiVo, namely cable and satellite operators introducing digital recording features in their set-top boxes.
Compiled from Seattle Times business staff and The Associated Press