Bluebird Wins Five American Craft Spirits Awards

Bluebird Distilling has won five awards at the widely popular 2016 American Craft Spirits Awards at its third annual competition.

Not only that, but Bluebird, founded by Jared Adkins in 2015 and located at 100 Bridge Street in Phoenixville, earned recognition in every single category that it entered. Bluebird won the silver medal for its White Rye Whiskey, Bluebird Distilling Vodka, and Sugarcane Rum, and also took home a pair of bronze medals for its Juniperus Gin and Four Grain Bourbon.

The competition was held by the American Craft Spirits Association, the nonprofit that represents the U.S craft distilling industry. This year’s awards were held in Chicago, and the winners were selected from a pool of nearly 450 entrants from 39 states across the country in six categories.

First Resource Entrusts SBA Lending to Industry Veteran

First Resource Bank of Exton plans to improve its Small Business Association lending by appointing Jeffrey B. Pugh as Senior Vice President for this segment of its operations.

Pugh was the manager of the SBA unit of Bryn Mawr Trust, after joining last year following Bryn Mawr’s acquisition of Plymouth Meeting. Before that he worked at Continental as well in various roles with Bank of America, Penn Liberty Bank and Royal Bank America.

First Resource has had 12 percent annual growth in each of the last two years and is well positioned to beat that level this year. In his new role, Pugh will help build the First Resource’s SBA lending activities as well as commercial real estate and business loan origination and servicing activities.

“Jeff adds a whole bunch of depth at that position/skill set plus he is just an excellent lender with 25 years experience,” said Glenn Marshall, First Resource’s President and CEO.

Walgreens Boots Alliance Increases its Stake in AmerisourceBergen with $1.17 Billion Stock Purchase

Walgreens Boots Alliance has exercised warrants to buy 22.7 million shares of common stock in AmerisourceBergen for $1.17 billion.

AmerisourceBergen and retailer pharmacy chain Walgreen entered into an international health products joint venture, called Alliance Boots, three years ago. The 10-year deal focuses on streamlining the distribution of prescription drug products. With this purchase, Walgreens Boots Alliance now owns 14.97 percent of the outstanding equity in the pharmaceutical wholesale distribution and services company headquartered in Chesterbrook.

Their relationship also included a provision that allows the Alliance Boots and Walgreen joint venture to purchase a minority equity position up to 23 percent in AmerisourceBergen over time. As a result, Walgreens Boots Alliance also has warrants to purchase an additional 22,696,912 AmerisourceBergen’s common stock shares from March 2017.

Chester County Biopharmaceutical Firm Lays Off 27 Employees

Morphotek, the Chester County life sciences company specializing in the development of biological-based products to treat inflammation, infectious diseases and cancer, has reduced its workforce by 27 positions.

The layoffs come as part of Eisai’s recently announced new strategic plan, named “E-Way 2025”. Morphotek, founded in 2000 and based in Exton, was bought by Eisai Co, the global health care pharmaceutical company based in Tokyo with its U.S. headquarters in North Jersey, for $325 million in 2007.

“This was a difficult decision but essential to align with our new business objectives as part of the E-Way 2025 plan,” commented Eisai in a statement. “We are deeply grateful to our employees for their dedication and many contributions to Morphotek’s business and are keenly aware of the impact this restructuring will have on them and their families. Morphotek will work to ensure as smooth a transition as possible for those who are displaced.”