Nastech Pharmaceutical of Bothell said yesterday it has dropped plans to sell 1.5 million shares in a secondary offering.

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Nastech Pharmaceutical of Bothell said yesterday it has dropped plans to sell 1.5 million shares in a secondary offering.

Chairman and CEO Steven Quay linked the decision to Nastech’s stock price, saying, “Our present valuation requirements are not met by current market conditions, and we are fortunate to be in a strong financial position.”

Nastech shares have slipped from recent levels near $15, and closed yesterday at $12.76, their lowest point since late May.

The company reported this week that it had $52 million in cash and investments as of June 30.


Intelligence unit’s boss to retire

Boeing said the head of its satellite-intelligence unit will retire at the end of the year.

Roger Roberts, 58, will be replaced on an interim basis by Howard Chambers, vice president of program management, said Boeing spokeswoman Marta Newhart.

Projects being led by Roberts include the Air Force’s $19.5 billion Future Imagery Architecture spy-satellite program. Cost overruns and manufacturing delays have put Boeing’s space-intelligence unit under government scrutiny as the U.S. spends more on spy-satellite data and intelligence-gathering technology to fight terrorism and wars in Afghanistan and Iraq.

Boeing named Roberts head of the Seal Beach, Calif.-based Space and Intelligence Systems Division in 1997 when it acquired McDonnell Douglas.


Union workers authorize strike

As a contract deadline approaches, nearly all 25,000 workers in 14 states, including Washington, have agreed to authorize a strike if ongoing contract negotiations with Qwest collapse, the union said yesterday.

The Communications Workers of America District 7 said 91 percent of workers approved the authorization, the first step needed for a strike.

The results were released as the two sides continued to haggle over key issues — such as health care, wages and a mandatory overtime policy — to try to reach a new contract before the current pact expires at midnight Aug. 13.

Both sides have reached tentative agreements on some points but the pace of the talks is “very, very slow,” said Annie Hill, CWA District 7 vice president. “We’ve not reached agreement on any item of significance,” she said.

Qwest spokesman Steve Hammack declined comment on the talks. He said the company also has taken a standard step by drawing up a contingency plan that would have managers taking over for workers in the event of a strike.

The company also is negotiating with the International Brotherhood of Electrical Workers representing about 350 employees in Montana.

Compiled from Seattle Times staff, Bloomberg News and The Associated Press