AstraZeneca CEO says London noted Mass. plan

AstraZeneca PLC's chief executive, David Brennan, said Boston's ability to attract life sciences companies has drawn notice abroad. Brennan, speaking at Boston College's Chief Executives' Club, said London officials recently looked at Boston as a model for building a healthy life sciences cluster. AstraZeneca, based in London, is one of the world's largest pharmaceutical companies. Asked about Massachusetts' pending $1 billion life sciences initiative, Brennan said it underscores the state's commitment to the industry, though he cautioned that he didn't know much about the details. Last summer, AstraZeneca unveiled plans to expand its Waltham facilities, making a $100 million investment and increasing its local workforce by 100 jobs to 500. (Todd Wallack)

HRPT Properties Trust, an office real estate investment trust, has agreed to sell 48 medical office, clinic, and biotech laboratory buildings to Senior Housing Properties Trust for $565 million. Senior Housing will pay about $554 million in cash and take on three mortgages on two properties that will total about $11 million, HRPT said. The Newton real estate trusts expect the sales to close in phases during the next 12 months. (AP)

Fidelity Investments said it hired Larry Renfro to oversee a new division that will include its human-resources services operations. He's the latest senior executive to return to the Boston mutual fund giant after a long hiatus. Renfro, 54, worked at Fidelity from 1981 to 1988, becoming a managing director of parent FMR Corp. before leaving. Most recently, he was president of AARP Services Inc., which offers benefits to the nonprofit association's 40 million members. Renfro will report to Fidelity president Rodger A. Lawson and will also oversee Fidelity's life insurance company, a charitable services unit, and a division responsible for acquisitions. (Ross Kerber)

Citigroup Inc. and five other banks challenged a jury trial request by Clear Channel Communications Inc. and sought to dismiss the broadcaster's Texas suit claiming they wrongly refused to fund its $19.5 billion acquisition. The banks also asked a Texas state judge to limit possible damages in the case to $500 million. Clear Channel and CC Media Holdings Inc., a shell company created for the deal, sued the banks on March 26 for more than $26 billion. The trial in the case, which alleged they interfered with the purchase by Boston-based buyout firms Bain Capital LLC and Thomas H. Lee Partners LP, is scheduled to begin June 2. (Bloomberg)

The Bush administration signaled it will veto foreclosure-prevention legislation being advanced by House Democrats that would offer states $15 billion in grants and loans to buy and refurbish abandoned homes. "The principal beneficiaries of this type of plan would be private lenders - who are now the owners of the vacant and foreclosed properties - instead of struggling homeowners who are working hard to stay in their homes," the White House said in a statement. House Democrats plan to advance the measure today. If the legislation was presented to President Bush, "his senior advisers would recommend he veto the bill," the White House's Office of Management and Budget said. (Bloomberg)

Yahoo Inc. chief executive Jerry Yang, criticized by some investors for turning down Microsoft Corp.'s $47.5 billion takeover offer, said he'll consider selling to the software company or another bidder for the right price. Yang will continue a strategy to boost Internet advertising sales and is speaking with other companies about ways to increase Yahoo's value. While Yahoo isn't for sale, the company would listen "should somebody else come back someday and want to buy the company," he said. (Bloomberg)

Bank of America Corp. should consider cutting the $4 billion price it plans to pay for Countrywide Financial Corp. if the mortgage company's past profits were based on bad lending practices, US Senator Charles Schumer said. "These latest revelations should make Bank of America think even harder about how they want to proceed," the New York Democrat said at a Senate hearing on how Countrywide treats borrowers who have fallen behind on loans. (Bloomberg)

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