Carbonite shares soar on buy offer

Shares of Boston tech company Carbonite skyrocketed yesterday after the firm said it had received, and was considering, an acquisition offer from a California-based cloud services and digital media company.

Carbonite, a cloud storage and data backup company, disclosed in an SEC filing yesterday that j2 Global, which is headquartered in Los Angeles, had submitted an unsolicited offer to buy the company.

"J2 is ready, willing and able to acquire all outstanding shares of Carbonite stock that j2 does not now already own at a price of $15 per share payable in cash, representing a 28 percent premium" on Tuesday's closing price, according to a letter from j2 chairman Richard Ressler to Carbonite executives.

Ressler said Carbonite CEO David Friend told him the company was open to a sale "at the 'right price.'"

J2 tried to buy Carbonite more than two years ago, offering $10.50 per share.

Shares of Carbonite shot up 22.79 percent yesterday, closing at $14.44. The offer values Carbonite at just over $400 million.

Carbonite is not immediately rejecting the offer, said spokeswoman Megan Wittenberger.

"Our board — for the stockholders' sake — reviews any material offers," Wittenberger said. "We've received unsolicited offers in the past."

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U.S. patients get Genzyme drug for MS

An injectable multiple sclerosis drug developed by Cambridge biotech giant Genzyme was made available to patients in the U.S. for the first time yesterday, less than a month after federal regulators reversed course and approved the medication.

"Lemtrada has changed my life," said Harold Johnson, 44, of Swansea, Ill., who was among the 1,500 MS patients who participated in the drug's clinical development program. "I'm working full time now, I'm married, I can ride my bike on the weekends, I can work out, I can finally be happy."

Johnson, who was diagnosed with MS in 2005, said he "felt almost reborn" just two weeks after receiving his first clinical dose of Lemtrada in March 2009.

"I felt like a new man," Johnson said. "I had a lot more energy, my depression immediately went away and it was replaced with the happiness that continues to this day."

Lemtrada, which is already sold in Europe, Canada and Australia, was initially rejected by the FDA last December after medical experts raised concerns about its safety and the quality of clinical studies. Two new studies comparing Lemtrada to EMD Serono's drug Rebif led to the medication's approval Nov. 14 for the treatment of American patients with relapsing remitting forms of the debilitating disease.

"My experience with Lemtrada as an MS center director has been quite positive," said Johnson's neurologist, Dr. Barry Singer of Missouri Baptist Medical Center in St. Louis, Mo. "We have really seen the impact where people's lives are more under control — that their lives are regained."

Multiple sclerosis is a chronic, autoimmune condition that affects more than 2 million people worldwide and up to 400,000 in the United States.

Bill Sibold, head of Genzyme's Multiple Sclerosis business, said: "Since approval, we have been singularly focused on providing access as quickly as possible for those patients awaiting Lemtrada by ensuring drug availability, completing required REMS training and certifications, and establishing appropriate patient support."

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The Ticker

Three cos. buy retail at hotel in Kenmore Sq.

Three real estate investment firms have purchased the 37,000-square-foot retail portion of Hotel Commonwealth in Boston's Kenmore Square in a $38.5 million deal.

Boston's UrbanMeritage and Novaya Real Estate Ventures and Atlanta-based Invesco Real Estate plan to re-tenant and reposition the more than 10,000 square feet of space that's currently vacant at the Shoppes at the Hotel Commonwealth in the next 12 to 18 months.

"The retail space has never been focused on by any of the hotel owner/operators," UrbanMeritage principal Michael Jammen said. "As a specialist in retail and mixed-use properties, we believe we can find the retail users that will work well with the hotel use and continue the revitalization of Kenmore Square and the Fenway area."

Current tenants in the hotel include the Eastern Standard and Island Creek Oyster Bar restaurants, as well as The Hawthorne, Starbucks and Hunt's Photo & Video.

The sellers were Denver-based Sage Hospitality, which purchased the hotel two years ago, and co-owner Fundamental Advisors of New York. The 149-room hotel is undergoing a 134,000-square-foot expansion that will add 96 more rooms, event space and parking.

Jobs emails in Apple iPod trial

The late Steve Jobs, co-founder of Apple Inc., led the company to violate antitrust laws by restricting music purchases for iPod users to Apple's iTunes digital store, an attorney for consumers suing Apple said in court.

Opening statements began yesterday in an Oakland, Calif., federal court in the long-running class action, which harks back to Apple's pre-iPhone era. The plaintiffs, a group of individuals and businesses who purchased iPods from 2006 to 2009, are seeking about $350 million in damages from Apple for unfairly blocking competing device makers. That amount would be automatically tripled under antitrust laws.

Today

 Labor Department releases revised third-quarter productivity data.

 Institute for Supply Management releases its service sector index for November.

 Federal Reserve releases Beige Book.

THE SHUFFLE

JLL Construction has hired Cosmas Papanikolaous and Bill Guzowski to join the firm's New England Construction group as an estimating manager and senior construction manager, respectively. Papanikolaous comes to JLL from Bond Brothers. He brings more than 14 years of industry experience having previously worked for Suffolk Construction and Tocci Building Corp. Guzowski joins JLL from AZ Corp. He has more than 21 years of experience in the institutional, life sciences, and health care industries.

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Somerville pols laud $1B for Green Line expansion fed

The economic future of Somerville and Medford is on a fast track after the Green Line extension passed one of the last key financing milestones for a plan that calls for adding six stops to the popular MBTA route.

"The economic impact is unlimited for Somerville," said city Mayor Joseph Curtatone.

Curtatone said the extension will be more transformative to the city than even Assembly Square, a project that was made possible by a new Orange Line station.

The project will add six stations in Somerville and Medford, including a new branch to Union Square and a stop at College Avenue in Medford.

In its evaluation of the extension, federal transportation officials said the area's future development is largely dependent on transportation improvements.

"The corridor's capacity to accommodate additional development depends on the improvement in the transportation access that would be provided by the Green Line Extension," the report says.

The project will get nearly $1 billion in federal money, the Federal Transit Administration said in a letter to a U.S. Senate committee.

The rest of the project will be paid for by 
$996 million in state bonds and $305 million in state operating funds.

U.S. Rep. Michael Capuano, who represents Somerville and served as mayor of Somerville, said the project will have more than just economic benefits, adding that the line "is really intended — in my mind — to serve people who have been underserved for forever."

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It's City Hall Plaza on ice

Boston's City Hall Plaza, usually a barren windswept expanse in the colder months, is poised to become a winter wonderland with an Olympic-sized ice skating rink and a large glass restaurant and lounge overlooking it.

"Winter's Landing" is slated to open on the red-brick plaza with the "Frozen Harbor" skating rink and the 20,000-square-foot "Polar Bar," according to a Craigslist help-wanted ad and a Winter's Landing Facebook page.

"Winter's Landing transforms City Hall Plaza into the centerpiece for autumn and winter public gatherings and events," the help-wanted ad states.

The two-story, full-
service Polar Bar restaurant and lounge would have 46-foot ceilings and 360-degree glass walls. It would be open seven days a week, serving a contemporary menu for brunch, lunch, dinner and late-night noshing, according to the ad seeking bartenders, line cooks and other workers for immediate hire. Additional satellite concessions would be located throughout the venue.

A spokeswoman for Mayor Martin J. Walsh declined to disclose details about the project yesterday.

"Mayor Walsh has consistently spoken about exploring creative ways to activate the space in City Hall Plaza," spokeswoman Kate Norton said. "We don't have any news to report specifically about an ice rink, but we will share information as it is available."

Permits have yet to be issued for the proposed project.

Anthem Entertainment, a Boston company that runs the New England Dessert Showcase and multi-city Anthem International Music Festival, among other events, is in line to run Winter's Landing for the city. Corporate partners, including a presenting sponsor, have been lined up, according to Winter's Landing Facebook page.

Anthem is hosting a Dec. 5 open house for prospective employees. CEO Chris Sinclair could not be reached for comment.

A full calendar of programming and events is planned for Winter's Landing, as well as future additions for following winters.

Since taking office, Walsh has sought to find attractions for City Hall Plaza, where events this year included a Donna Summer roller disco tribute party, World Cup broadcasts and the Downtown Throwdown snowboarding event. Walsh also has expanded City Hall Plaza's mobile food truck program through the winter.

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Shoppers charge into cyber shopping deals

Shoppers hit their smartphones, tablets and desktop computers yesterday for online "Cyber Monday" sales that were tracking 
8.1 percent stronger than last year by yesterday evening.

Mobile users accounted for 38.3 percent of all Cyber Monday traffic as of 6 p.m., while mobile sales accounted for 20.4 percent of all online sales, according to IBM Digital Analytics Benchmark. Each were up more than 30.1 percent year-over-year.

More than 126.9 million consumers were expected to shop yesterday, down from the 131.6 million who planned Cyber Monday purchases last year, according to a National Retail Federation survey.

"For today's shopper, every day is 'Cyber Monday,' and consumers want and expect great deals, especially online, throughout the entire holiday season — and they know retailers will deliver," NRF CEO Matthew Shay said in a statement."

Yesterday's average online order was $131.66, on par with last year, but shoppers bought an average of 4.1 items per order, a 3 percent increase. That may indicate shoppers are getting more comfortable and digitally savvy in how they use online coupons and rebates to get the best bargains, IBM's report said.

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Network booster widens your Wi-Fi

TP Link Universal Wi-Fi 300Mbps Range Extender ($24.99 and up)

Wi-Fi boosters are becoming a necessity now that Ethernet cords have gone the way of the dodo.

This device uses the electrical wiring in your house to extend your wireless network, an intriguing solution for anyone who has struggled for a signal.

The good: It actually works. Create one unified network throughout your entire house by plugging as many of these devices as you need into your electrical outlets. Unlike wireless repeaters (which don't work as well) this allows you to create just one network for your entire house.

The bad: It'll never be quite as fast as the original wireless network it's connected to.

The bottom line: I have several of these devices in my house and it's revolutionized our wireless connection. A great stocking-stuffer.

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Booting Up: Google Glass shows some cracks

This was a bad year for Google Glass.

The creator of the augmented-reality bifocals has left Google for Amazon, the device remains out of reach for most consumers, and being lucky enough to score a prototype makes you just about as hip as a fanny pack these days.

Though Google has repeatedly stated its commitment to the project, it's time to face the harsh, unaugmented reality: 2015 will not be the year of Google Glass either, and it's probably time to put this project to bed.

Two-and-a-half years after Google promised the world a hands-free, screen-free fantasy, backlash against the company is growing. Techies dubbed the Glass beta-testers a certain impolite name not suitable for a family newspaper. A German artist wrote a computer program that shuts off Wi-Fi to Glass-wearing visitors. Bars and movie theaters in various cities have banned Glass, and websites such as Stop
theCyborgs.org offer downloadable signs and merchandise to help people establish Glass-free zones. Pretentious, intrusive, and a $1,500 curiosity are just some of the ways that Google Glass has been described. Glass-wearers report being harangued in public because of the popular misconception that the device is always recording.

Google deserves credit for its novel, risky strategy of crowdsourcing the vision for a product that was not yet on the market. But as it turns out, Glass could have been successful if it had remained stealth for a few more years. Had Google waited for a generalized consumer release — and found a way to price the device just under $1,000 — it would have had the hottest innovation since the iPad. History would have dubbed Google as the forefather of wearable technology.

In its words, Google promised to change the world with a screen-free, augmented reality future. But in its deeds, Google seemed to focus that future on a small segment of the population — largely elites.

There are highly successful stories of Glass Explorers (aka beta-testers) — like the celebrity chef who uses them to record recipes, the paralyzed woman who uses Glass to help her be more independent — but those stories are overshadowed by a chorus of mockery that has even included shots from "The Daily Show."

Make no mistake: We are probably about a decade away from a world in which wearable devices will record nearly everything we do — and have the capability to replace many of the functions performed by smartphones. But it's looking less likely than ever that Google will lead the charge.

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Condo demand red-hot but FHA policies chill buyers

WASHINGTON — Call it the condo conundrum: Demand for condominium units is rising in many urban areas nationwide, according to new real estate industry estimates, yet mortgage financing is getting squeezed for entry-level condo buyers by a key federal agency.

It's a little schizophrenic. List prices for condos in major markets are rising faster for single-family detached homes in the same area. Nationwide, condo sales are steadily taking away market share from traditional homes as suburban boomers downsize and other owners want to live closer to urban workplaces and center city attractions.

But here's the troublesome flip side: Significant financing barriers erected by the federal government are making purchases of entry-level condos by millennials and other first-time buyers more difficult. Despite indications from the White House as recently as last month that the government wants to loosen up on mortgage credit availability for middle-income Americans, the Federal Housing Administration continues to severely restrict the number of condo projects where it will make its low down payment insured mortgages available. The same restrictions make it impossible for large numbers of seniors who own condo units to obtain reverse mortgages ­— an important home-loan niche that the FHA dominates.

Despite these problems, condos on the whole are doing well. The real estate site Trulia reports that increases in asking prices in the 20 largest condo markets are outpacing increases in single-family asking prices. In Miami, list prices for condos in September were 17 percent higher than the year before, compared to single-family list prices, which jumped 11.7 percent. In Boston, condo list prices increased at a rate four times as fast as single-family homes. In the Washington, D.C., area and San Diego, condo list prices rose by nearly double the rate of single-family homes. Nonetheless, selling prices for condos remain significantly below detached homes on average nationwide, making them more affordable.

All of this points to rising popularity and market share for condos. Lawrence Yun, chief economist for the National Association of Realtors, estimates that condos recently have grown from roughly an 8 percent market share to between 11 percent and 12 percent. But in some urban markets, the condo share is considerably higher. During September in Los Angeles, according to CoreLogic's DataQuick, condos accounted for about 27 percent of home resales. In Miami, they were 44.9 percent.

The main problem in the otherwise surging condo sector, many housing experts say, is the unnecessary blockage of entry points at the lower ranges of the price spectrum. The FHA, which for decades was the go-to source of mortgage money for first-time buyers, currently will only consider insuring mortgages in less than 7 percent of the country's estimated 150,000-plus condominium developments. The agency has stopped approving so-called "spot" loans in condo projects that have not applied for and received special "certification" — a process that many condo
homeowner association boards consider burdensome and frequently leads to rejection.

David Stevens, who was FHA commissioner in 2010 when the agency banned spot loans and now heads the Mortgage Bankers Association, says "it's time" to bring them back with reasonable restrictions because for many young first-time purchasers, "FHA is the sole source" of low down-payment financing. Though the agency confronted significant condo foreclosure problems stemming from the housing bust, Stevens told me in an interview "that doesn't mean you keep 'these restrictions' on" when the crisis has abated, as at present.

So are there any fresh signs of a change of heart at the FHA — any reason to hope for an improvement? Maybe. The agency declines to comment on whether it might loosen its certification restrictions and allow spot loans to buyers and owners in uncertified developments that can qualify under financial stability criteria. But industry and other sources say the agency is feeling the political heat from real estate and mortgage lobbies as well as from Capitol Hill and is drafting a major condo proposal for 2015 that could bring back FHA financing to greater numbers of buyers and existing unit owners.

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Innovative pump delivers meds

One of MassChallenge's recent winners is a startup that says it has developed the first soft, flexible, bandage-like pump capable of delivering one or more medications simultaneously to a broad range of people, from a diabetic at home to a wounded soldier on the battlefield.

Laurence Alberts, CEO and co-founder of Cam Med, said for many diseases such as diabetes, Parkinson's and osteoporosis, whose treatment involves frequent delivery of injectable drugs, using continuous-infusion pumps often leads to better outcomes than multiple daily injections, resulting in healthier patients and lower health care costs because they don't run the risk of ending up in the emergency room if they miss an injection.

But many people are unwilling to use pumps currently on the market because they're too visible and "clunky" to wear, Alberts said. So one of his two co-founders, Yanzhe Qin, a visiting fellow at Harvard's School of Engineering and Applied Sciences, thought: Why not make a pump that's an extension of the body?

In May 2013, Qin and his roommate — and now co-founder — Zhifei Ge, a Ph.D. candidate in mechanical engineering at MIT, began working on the Evopump. At 2 inches by 1 inch by 1⁄4 inch, it is less than half the size of the most widely used pump, Alberts said. And unlike other pumps, which operate with an automated syringe connected to a motor or a metal alloy that expands or contracts to move the syringe, the Evopump is powered by a tiny battery and works through electrolysis.

An electrical current is applied to a material such as water or a salt solution, forming small gas bubbles that create pressure, which moves the medication from the pump to the body. And it can be either pre-programmed or controlled in real time by the patient.

The pump also can deliver multiple medications, making it ideal for medics to use on wounded soldiers, who might simultaneously need a painkiller, a coagulant to stop bleeding and medications to prevent infection and inflammation.

"When Yanzhe approached me through a mutual friend in August 2013, I was just blown away by it," said Alberts, whose background was in strategic consulting. "It was so different and better than everything else in the field. I decided on the spot to team up with them."

In January, the three established Cam Med and a few months later applied to MassChallenge — the world's largest startup accelerator and competition — with "zero expectation," Alberts said, of walking away with $50,000, money they'll now use to have a commercially manufactured prototype made so that they can begin to generate the kind of performance data that potential partners look for.

The Evopump still will need to undergo about two more years of testing, followed by another two years or more of clinical trials before it can be approved by the Food and Drug Administration, after which Alberts expects it to sell on par with existing devices, which today sell for between $30 and $35, and be available to patients with a prescription.

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