VIRGINIA

Former congressman joins Insmed as adviser

Insmed Inc., a Richmond-based biopharmaceutical developer, has retained former Republican Congressman Bill Thomas as a strategic adviser to assist the company's efforts to bring follow-on biologics to U.S. customers and consumers.

Thomas served in the U.S. House of Representatives for 28 years. He was chairman of the House Ways and Means Committee from 2001 to 2007.

"During my time in Congress, I helped lay the groundwork to allow biologic competition from follow-on biologics. I am excited to partner with Insmed to continue that fight," Thomas said.

The announcement follows Insmed's release last week demonstrating bioequivalence between INS-19 and Neupogen, which was patented in 1996, in Phase I clinical trials. In the coming months, Insmed will seek Federal Drug Administration approval to begin Phase III clinical trials.

Sale of Abingdon firm runs into opposition

Harbinger Capital Partners, the largest shareholder of iron ore producer Cleveland-Cliffs Inc., said it opposes the company's $8.06 billion purchase of Alpha Natural Resources Inc.

Harbinger, which owns 18 percent of Cleveland-Cliffs, said buying Abingdon-based Alpha isn't in the best interest of shareholders, according to a filing with the U.S. Securities and Exchange Commission.

Harbinger, the hedge fund run by Philip Falcone, said in the filing it may seek to influence the Cleveland-based company's strategy, board structure and operations "as a means of enhancing shareholder value."

Cleveland-Cliffs, North America's largest producer of iron ore, agreed to buy the coal-mining company yesterday for stock and cash to add reserves of metallurgical coal as demand from steelmakers increases.

THE NATION

Lift in N.Y.'s housing starts due to late filings

WASHINGTON -- A beat-the-deadline rush to file permits for apartment construction in New York City lifted housing starts to unexpectedly high levels in June, but it was no cause for rejoicing.

Construction of single-family homes nationwide fell to the slowest pace in 17 years.

Builders started work on single-family homes at an annual rate of 647,000 units last month, a drop of 5.3 percent from the previous month, the Commerce Department reported yesterday. It marked the slowest pace for single-family home activity since January 1991, another period when housing was going through a severe downturn.

Satellite radio merger closer to approval

WASHINGTON -- The potential deciding vote in the government's review of the $3.1 billion merger between satellite radio companies XM and Sirius said he will vote in favor of the deal if the companies agree to tougher conditions.

So far, two of the five members of the Federal Communications Commission have voted to approve Sirius Satellite Radio Inc.'s buyout of rival XM Satellite Radio Holdings Inc. That is one vote shy of a majority.

FCC commissioner Jonathan Adelstein, a Democrat, wants the companies to cap prices for six years and make one-quarter of their satellite capacity available for public interest and minority programming, among other conditions. If the companies agree, he said, he will support the deal.

Calif. expands its suit against Countrywide

California officials expanded a previously filed lawsuit against Countrywide Financial Corp., adding on allegations that the mortgage lender rewarded staff for selling risky loans.

The filing said Countrywide paid higher commissions to agents who put borrowers into loans with higher rates and fees than they qualified for based on credit scores and other factors.

It also alleged that workers regularly overrode warnings from the company's computerized underwriting system that analyzed the ability of applicants to repay loans.

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