Genzyme buys building in Framingham for $16m

Genzyme Corp. confirmed it has purchased a 100,000-square-foot industrial building on New York Avenue in Framingham for nearly $16 million. The Cambridge biotechnology company, which is building a $250 million biotech manufacturing plant in Framingham, plans to use the building to house tools and construction materials while it builds the adjacent plant. Eventually, it could provide room to expand the campus where 2,000 people, or 20 percent of the company's workforce, are employed. (Todd Wallack)

Mansfield-based Covidien Ltd. warned doctors of a risk of leukemia after its drug Phosphocol P 32 was given in an unapproved manner. Two children with hemophilia developed acute lymphocytic leukemia about 10 months after the drug was administered into a joint to treat bleeding, a method that isn't approved by the Food and Drug Administration, Covidien said in a letter posted on the FDA website. The drug is injected to treat the leaking of fluids inside the body caused by cancer. Prescribing information for the drug has been revised to reflect the new warning, according to Covidien. (Bloomberg)

The owner of TD Banknorth Garden said a $4 million renovation has created five new Premium Club hospitality and seating areas that will be ready for the 2008/09 season for the Bruins and the Celtics. The garden's owner is Delaware North Cos. Located at the east end of Level 6, the renovated area was formerly known as Banners Restaurant, and the ledge seating area there will be replaced by the Lofts, "an all-inclusive private entertainment option ideal for four to six people," Delaware North said. (Chris Reidy)

Massachusetts Institute of Technology's Sloan School of Management will add two degree programs next year to meet demand for specialized business education. The one-year offerings, leading to master of finance and master of management science diplomas, are the first new degree programs to be added by the Cambridge school in 20 years, said Sloan's dean, David Schmittlein. Both programs will be offered in the academic year that begins in September 2009, he said. (Bloomberg)

Tufts Health Plan said it will offer health insurance in Rhode Island effective Jan. 1. The insurer, Massachusetts' third largest, has been signing contracts with hospitals and physicians in Rhode Island, and has opened a sales office in Providence. It will offer a preferred provider organization plan, which typically has a less restrictive network than a traditional HMO plan. Tufts has about 690,000 members in Massachusetts. Last year, it was named the number two health plan in the country for HMO plans by the National Committee for Quality Assurance, which rates healthcare plans. (Jeffrey Krasner)

American Express Co. and Citigroup Inc. had the largest increases in credit card delinquencies in August as US consumers continued to fall behind on payments, according to Oppenheimer & Co. analyst Meredith Whitney. American Express, the largest US credit card company by purchases, saw payment delinquencies rise 45 percent from the same month a year earlier, Whitney said in a note to investors. American Express had the biggest surge in late payments in the period, followed by Citigroup's 17 percent. Credit card payment rates fell 11 percent, the largest decline in Whitney's records. (Bloomberg)

Northrop Grumman Corp. is entitled to a termination fee after the United States withdrew its contract to build aerial refueling tankers, the Pentagon's top weapons buyer said. Undersecretary for acquisition John Young said the Defense Department will negotiate with Northrop for a fee in the range of "tens of millions of dollars." Northrop won an initial contract on Feb. 29 for development and purchase of four test aircraft for $1.5 billion and options of $10.5 billion to build 64 aircraft. The contract included options to build a total of 179 tankers valued at $35 billion. Competitor Boeing Co. successfully protested the award. The Pentagon plans to rebid the contract once a new administration is in office. (Bloomberg)