Amanda Bosland, Author at Rockville Economic Development, Inc

Cheers to 25 years – celebrating a quarter century of REDI’s growth!

Presently known as REDI, the Greater Rockville Partnership was established in 1997 to address the economic development needs of Rockville

Rockville Economic Development. Inc, better known as REDI, was established in 1997 as the Greater Rockville Partnership. From its inception, the organization’s focus has been, and continues to be the development of economic opportunities in the City of Rockville.

This year (2022), in celebration of REDI’s 25th anniversary, we invited past and current Board Chairs and Executive Directors to reflect on what REDI means to the community.

REDI also held an anniversary celebration at historic Glenview Mansion that was attended by City and County officials, regional economic development partners, and Rockville business owners.

Rockville’s E. Cohen and Company acquired by Marcum LLP

The merger includes the acquisition of E. Cohen's information technology subsidiary, BinaryNetworks

New York City, Ny., December 1, 2022 – Marcum LLP announced that E. Cohen and Company, CPAs of Rockville, Maryland, merged into Marcum, effective December 1.

In conjunction, E. Cohen’s information technology subsidiary, BinaryNetworks, merged into Marcum Technology, LLC.

The transactions expand Marcum’s tax, assurance, and advisory services across the Mid-Atlantic region, where the Firm currently has offices in Philadelphia, Washington, D.C., and Rockville.

E. Cohen and Binary add more than 90 partners and associates to Marcum, bringing the Firm’s team to approximately 4,000 nationwide.

Terms of the deal were not disclosed.

E. Cohen was a full-service tax and accounting firm serving individuals and middle-market businesses. The firm’s practice was focused on construction, government contracting, hospitality, nonprofit, professional services, real estate, and wholesale distribution. E. Cohen was consistently ranked among the top accounting and advisory firms in the Capital Region and the top 300 firms nationally. In 2019, it was named the No.1 firm for women by Accounting Today.

“E. Cohen was a recognized leader with deep roots in the Maryland business community and brings substantial experience to Marcum. They will not only bolster our existing presence in Rockville but will also play a key role in our expansion throughout the Mid-Atlantic region,” said Jeffrey M. Weiner, Marcum’s chairman & chief executive officer.

“We built our business over many years with a bedrock commitment to integrity and honesty, accountability, respect and teamwork, continuous process improvement and, above all, client relationships. We see these values strongly reflected in Marcum’s culture. As a top national firm that has helped shaped our industry, joining Marcum is a clear opportunity to ensure the long-term well-being of our clients as well as our team, while continuing to play an active role in our business community,” said Eric Cohen, the former firm’s managing principal.

“E. Cohen and Company was a regional model of excellence. Eric Cohen and his team will be instrumental in our continued growth in the Maryland market and throughout the Mid-Atlantic region, and we are eager begin our collaboration,” said Jeffrey D. Zudeck, Marcum’s Mid-Atlantic Regional Managing Partner.

Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination, commented, “E. Cohen defines what an entrepreneurial firm is all about – offering great advice and being viewed by their clients as an ‘impact player’ in their businesses. Marcum’s track record for growth has been staggering. They continue to be the envy of the profession while attracting best-in-class local and regional CPA and advisory firms to combine with. They might have $1 billion of revenue on the top line, but the bottom line is it’s a culture where you can achieve a really successful career and deliver amazing services to clients along the way.”

About Marcum LLP

Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. Through the Marcum Group, the Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Learn more at https://www.marcumllp.com/

Link to press release: https://www.marcumllp.com/press-releases/ecohen-company-cpas-merges-into-marcum

Amgen to acquire Horizon Therapeutics for $27.8B, expanding rare disease portfolio

Amgen's acquisition of Horizon is the year's biggest biopharma acquisition deal to date

Article orginally published by Genetic Engineering and Biotechnology News on December 13, 2022

Amgen has agreed to acquire Horizon Therapeutics for approximately $27.8 billion, the companies said today—the year’s biggest biopharma acquisition deal to date, and one intended to replenish the buyer’s rare autoimmune, and inflammatory disease portfolios as its top-selling drug begins to lose patent exclusivity in the coming year.

That drug, Enbrel® (etanercept), faces the start of its loss of exclusivity (LoE) on June 8, 2023, for patents related to its methods of treatment using aqueous formulations.

Amgen emerged from a trio of would-be buyers that held talks in recent weeks for Horizon, a developer of drugs for rare, autoimmune, and severe inflammatory disease that is headquartered in Dublin, Ireland, with its U.S. HQ in the Chicago suburb of Deerfield, IL.

The other two would-be buyers were Johnson & Johnson and Sanofi, creating a competition that lifted Horizon’s shares by nearly 30%. J&J dropped out of talks on December 3, and Sanofi did likewise on Sunday, clearing the path for the Thousand Oaks, CA, biotech giant to come to terms with Horizon.

At $116.50 per share, the deal price represents a premium of about 47.9% over the closing share price of $78.76 on November 29, before the company announced the possibility of a Horizon buyout under Rule 2.4 of the Irish Takeover Rules—and a premium of approximately 19.7% to the closing price of $97.29 per share on Friday.

“The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases,” Amgen chairman and CEO Robert A. Bradway said in a statement. “Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio.”

Investors did not appear to share that enthusiasm. Amgen shares dipped about 1% Monday, to $276.78. ET, from $278.65 at the close of trading Friday. Horizon shares rose just 15%, to $112.36 from $97.29.

At $27.8 billion, the deal price may have been seen by some investors as too high, in a biotech mergers-and-acquisitions market whose previous top deal of 2022 was Pfizer’s $11.6 billion purchase of Biohaven Pharmaceuticals, completed in October.

“The size and target will undoubtedly generate debate (and intrigue) given such a move may buck past conservative deal trends,” Gregory Renza of RBC Capital Market wrote in a research note, as reported by Investors Business Daily.

However, Renza noted that the deal was in line with several past eight-figure acquisitions by Amgen, including Immunex (bought out for $16 billion in 2002); Onyx Therapeutics (for $10.4 billion in 2013); and the buyer’s third-best-selling drug, Otezla® (acquired for $13.4 billion from Bristol Myers Squibb [BMS]).

“A high focus on (mergers and acquisitions) from Amgen should come as no surprise,” Renza wrote.

Horizon is Amgen’s second major biotech acquisition this year, which was also focused on bolstering its rare disease pipeline. In October, Amgen completed a $3.7 billion purchase of ChemoCentryx, a deal that added to the buyer’s portfolio Tavneos^® (avacopan), a first-in-class treatment for antineutrophil cytoplasmic antibody (ANCA)-associated vasculitides (AAV), a rare, systemic autoimmune disease.

“1) The strategic fit makes sense, 2) It enhances Amgen’s growth prospects over the near-medium term and will help offset the negative impact of mid-decade LOEs, and 3) It brings a number of potentially high-value pipeline candidates,” David Risinger, head of diversified biopharmaceutical research and a senior managing director with SVB Securities, wrote in a research note.

The price for Horizon, coming between $25 billion and $30 billion “would be even more attractive” than the $30 billion price speculated by analysts and others in days before the announcement, Jefferies analyst Michael Yee countered. At $30 billion, he estimated the Horizon acquisition could add 7% to the price of Amgen shares in 2024, 9% in 2025, and 20% by 2029 based on operating expense cuts or “synergies” of 25% to 50%.

“We continue to see the deal as reasonable and strategic for AMGN’s long-term growth and AMGN is in an even better position today than a year or two ago,” Yee wrote.

Yee cited: Amgen’s long-term guidance of mid-single digit revenue growth through 2030; the expectation that Amgen’s obesity candidate AMG-133, which has completed patient enrollment in a Phase I trial, will be a blockbuster; Amgen’s stock price trading near its all-time high; and confidence that Amgen can offset a lot of the long-term loss of exclusivity risk it faces from its portfolio of biosimilars.

Without furnishing figures, Amgen said it expected the Horizon purchase to add to its revenue and non-GAAP earnings per share starting in 2024. Amgen is not providing or updating 2022 or 2030 investor guidance as a result of the deal.

Amgen and Horizon estimated the combined company could reduce its pre-tax costs by at least $500 million by the end of the third fiscal year following completion of the acquisition deal.

The prospect of that reduction was one of Amgen’s rationales for acquiring Horizon. Other reasons given by the company include:

Horizon’s complementary portfolio of treatments for rare diseases.
Amgen’s 20-year legacy in inflammation and nephrology and global scale, both of which the buyer said will enhance the growth potential of Horizon’s portfolio….
… by capitalizing on Amgen’s research-and-development, process development, and global manufacturing expertise in biologic medicines.
The combined company’s approximately $10 billion in cash flow over 12 months through Q3 2022, and expectation of accelerated revenue growth.

To fund the acquisition, Amgen has entered into a $28.5 billion Bridge Credit Agreement with Citibank as administrative agent, Bank of America as syndication agent, and both banks as co-lead arrangers and book runners.

Amgen’s marketed drug portfolio is led in sales by Enbrel, which has generated $3.019 billion in product sales during the first three quarters of this year, down nearly 2% from $3.357 billion in Q1-Q3 2021.

In the third quarter alone, Enbrel racked up $1.106 billion in product sales, down 14% from $1.289 billion in Q3 2021—a decline that according to Amgen reflected a lower net selling price due to competing drugs, a 3% decline in sales volume, and a 5% decline from unfavorable changes to estimated sales deductions.

Launched by Immunex in 1998, Enbrel is a tumor necrosis factor blocker that is indicated primarily to treat adults with moderately to severely active rheumatoid arthritis, patients with chronic moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy, and patients with active psoriatic arthritis.

In addition to its methods patents, Enbrel is protected by fusion protein and pharmaceutical compositions patents expiring November 22, 2028; DNA encoding fusion protein and methods of making fusion protein patents expiring April 24, 2029; and patents on its formulations expiring October 19, 2037.

Amgen’s second best-selling drug, Prolia® (denosumab), is a RANK ligand inhibitor that generated $2.636 billion in product sales from January–September 2022, up 11% from $2.375 a year earlier. Amgen bought Prolia when it acquired Abgenix for approximately $2.2 billion in a deal completed in 2006.

Prolia is indicated to treat postmenopausal women with osteoporosis at high risk for fracture; men with osteoporosis at high risk for fracture; men and women with glucocorticoid-induced osteoporosis and at high risk for fracture; men at high risk for fracture receiving androgen deprivation therapy for nonmetastatic prostate cancer; and women at high risk for fracture receiving adjuvant aromatase inhibitor therapy for breast cancer.

Otezla product sales during Q1–Q3 stood at $1.672 billion, up 3% from $1.619 in January–September 2021. Amgen acquired Otezla as part of BMS’ $74 billion acquisition of Celgene, citing “concerns” raised by the U.S. Federal Trade Commission (FTC) about the blockbuster deal.

Otezla is a phosphodiesterase 4 (PDE4) inhibitor indicated for adults with active psoriatic arthritis, plaque psoriasis who are candidates for phototherapy or systemic therapy, and oral ulcers associated with Behçet’s disease.

Horizon generates growing net sales from its top two marketed drugs, Tepezza^®(teprotumumab-trbw), an insulin-like growth factor-1 receptor inhibitor indicated to treat thyroid eye disease; and Krystexxa^® (pegloticase), a PEGylated uric acid specific enzyme indicated for the treatment of chronic gout in adult patients refractory to conventional therapy.

During the first three quarters of this year, Tepezza’s net sales leaped 37%, to $1.472 billion from $1.072 billion a year earlier, while Krystexxa net sales jumped 27%, to $500.1 million from $395.2 million. Tepezza and Krystexxa co-anchor Horizon’s orphan drug segment, whose combined net sales from eight marketed drugs grew 32% year-over-year, to $2.58 billion from $1.955 billion.

In reporting third-quarter results on November 2, Horizon raised its investor guidance on full-year 2022 net sales to between $3.59 billion and $3.61 billion, compared to the previous range of $3.53 billion to $3.60 billion.

Horizon also raised guidance on ex-U.S. net sales of Tepezza from more than $500 million to more than $1 billion, citing further assessment of the ex-U.S. thyroid eye disease market opportunity and plans to launch the drug in Europe. Horizon maintained an earlier forecast of U.S. peak annual net sales of more than $3 billion, bringing global peak annual net sales expectations to greater than $4 billion.

The company also increased its U.S. peak annual net sales expectations for Krystexxa to greater than $1.5 billion from greater than $1 billion, citing use of the drug with immunomodulation in more than 60% of new patients, as well as “increased clinical conviction among physicians.”

In addition to its 12 marketed medicines, Horizon has a pipeline with more than 20 development programs. Furthest along is Uplinza® (inebilizumab-cdon), which is in Phase III trials for the prevention of flare in IgG4-related disease (NCT04540497), and for improving outcomes in myasthenia gravis (NCT04524273). Uplinza is a humanized, affinity-optimized, afucosylated IgG1 kappa (IgG1κ) monoclonal antibody that binds to the B cell-specific surface antigen CD19.

Horizon is unrelated to Horizon™, the gene editing and gene modulation tool company that was acquired in 2020 by PerkinElmer for approximately $383 million.

“In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up,” Horizon chairman, president, and CEO Tim Walbert stated. “We have accomplished a tremendous amount for patients, their families, and our customers, and created significant value for shareholders. These accomplishments are all rooted in our employees’ deep commitment, dedication, and personal passion for those impacted by rare, autoimmune, and severe inflammatory diseases.”

“Amgen is aligned with that commitment and passion and will continue to maximize the value of the current portfolio and pipeline and accelerate the ability to reach more patients globally,” Walbert added.

About Horizon Therapeutics

Founded in 2008, Horizon Therapeutics is a focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases. Horizon is headquartered in Dublin, Ireland, with global offices including one in Rockville, Md. Learn more at https://www.horizontherapeutics.com/

About Amgen

A biotechnology pioneer since 1980, Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people’s lives. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is part of the Nasdaq-100 index. Learn more about Amgen at https://www.amgen.com/

MilliporeSigma Invests $286 million in U.S. Drug Safety Testing Capacity in Rockville

The expansion creates more than 500 new jobs in Rockville

Burlington, Ma., November 16, 2022 – MilliporeSigma, the U.S. and Canada Life Science business of Merck KGaA, Darmstadt, Germany, a leading science and technology company, today announced that its Life Science business sector is investing more than $ 286 million in its biosafety testing capacity at the company’s site in Rockville, Maryland, USA. This will significantly increase the company’s ability to conduct biosafety testing and analytical development services. Biosafety testing and analytical development are critical and fundamental requirements of the drug development and commercialization process to ensure the safety of medicines. Global demand for these services is growing at a double-digit rate.

“MilliporeSigma is harnessing its broad portfolio of modern technologies and enabling services to help ensure the safety of the world’s medicines. These significant investments in Rockville and other sites across our global network will help us meet growing demand for the robust testing studies that biologics manufacturers depend upon to comply with stringent regulatory guidelines,” said Belén Garijo, Chair of the Executive Board and CEO of Merck KGaA, Darmstadt, Germany. “This is a prime example of our focus on sustainable growth in areas with strong underlying upwards dynamics.”

“This is the largest investment in contract testing in Merck KGaA, Darmstadt, Germany’s history. Our Rockville campus has a long track record of testing for both traditional and novel therapies. We have been driving innovation in biosafety testing for 75 years and this expansion enables our Life Science business sector to lead in shaping the future of testing,” said Matthias Heinzel, Member of the Executive Board of Merck KGaA, Darmstadt, Germany and CEO Life Science. “We thank the State of Maryland and Montgomery County, Maryland, for their collaboration in making this new campus a reality for our employees and clients. Together, we are impacting life and health with science.”

The BioReliance^® contract testing portfolio from MilliporeSigma provides best-in-class biosafety testing and analytical development methods for both traditional and novel therapies. The new state-of-the-art, 250,000-square-foot facility at MilliporeSigma’s Rockville site will house biosafety testing, analytical development, viral clearance suites, and cell bank manufacturing services. Currently, about 600 employees work at the site. Over the next four years, the expansion will create more than 500 new jobs.

With more than 30 years of drug development, material science and process technology expertise, Millipore^® CTDMO Services offerings span pre-clinical development to commercial manufacturing, including testing, across multiple modalities including mAbs, highly potent active pharmaceutical ingredients, antibody-drug conjugates, viral vector therapies, mRNA, and lipid nanoparticle formulation.

Contract testing and the newly formed Millipore^® CTDMO Services are part of the Life Science Services business unit, which together with the Process Solutions business is one of Merck KGaA, Darmstadt, Germany’s “Big 3” growth drivers. The company aims to increase its Group sales to approximately € 25 billion by 2025.

Recently, the company’s Life Science business sector announced investments in Martillac and Molsheim, France; Shanghai, China; Sheboygan and Verona, Wisconsin, USA; Cork, Ireland; Wuxi, China; Carlsbad, California, USA; Jaffrey, New Hampshire and Danvers, Massachusetts, USA; Buchs, Switzerland; and Darmstadt, Germany. These expansions are part of an ambitious, multi-year program. It aims to increase the capacity and capabilities of Merck KGaA, Darmstadt, Germany’s Life Science business sector to support the growing global demand for lifesaving medications and to make significant contributions to public health.

About MilliporeSigma

The Life Science business of Merck KGaA, Darmstadt, Germany, which operates as MilliporeSigma in the U.S. and Canada, has more than 26,000 employees and more than 55 total manufacturing and testing sites worldwide, with a portfolio of more than 300,000 products focused on scientific discovery, biomanufacturing and testing services. Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across healthcare, life science and electronics. Learn more at https://www.sigmaaldrich.com/US/en

Behavioral Framework wins healthcare category of the 2022 Moxie Awards

The Moxie Awards recognize the achievements of growing businesses, nonprofits, and associations demonstrating boldness and innovation in the DC metro community

ROCKVILLE, Md., Nov. 1, 2022 – Behavioral Framework was honored Wednesday night as the Moxie Award winner in the Healthcare category during the 6th Annual Moxie Awards held at The Ritz-Carlton in Tysons Corner, Virginia. The Moxie Awards recognize the achievements of growing businesses, nonprofits, and associations demonstrating boldness and innovation in the DC metro community. Organizations are recognized for having demonstrated boldness and innovation as an integral part of their growth strategy. Behavioral Framework’s CEO Kyle West and Chief Clinical Officer Angela West accepted the honor on behalf of their team.

Behavioral Framework was founded in Rockville, Maryland, in 2017 and is one of few family-owned and locally operated Autism service providers in the region. They are a leading provider of ABA therapy in Maryland, Virginia, and DC, with a vision of providing exceptional care and better client outcomes for children diagnosed with Autism and their families.

“We are excited, honored, and proud to win the 2022 Moxie Award,” said Kyle West, CEO, Behavioral Framework. “Our clinical and professional achievements are a direct result of the dedicated work of our incredible team of caring and compassionate therapists. Together, we’re working every day to help those impacted by Autism live their best lives.”

In August 2021 and 2022, Inc. magazine ranked Behavioral Framework on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. Behavioral Framework also earned a 3-year Behavioral Health Center of Excellence (BHCOE) Accreditation + Telehealth with a score of 98%, making them 1 of 4 in the country to achieve this prestigious honor. The company recently opened its diagnostic center, Pathways by Behavioral Framework, to help alleviate sometimes year-long wait times for children to receive an autism diagnosis. Dr. Andrea Howard, Ph.D., was hired as Child Psychologist and Program Lead for the center, which offers parents and caregivers the best options for children ages 0 to 21. While applied behavioral analysis (ABA) therapy is Behavioral Framework’s specialty, Pathways can also assess for other childhood concerns and guide families to the right resources to assist their child.

“We are incredibly grateful for the entire Behavioral Framework team and their dedication to our shared mission,” said Angela West, Chief Clinical Officer, Behavioral Framework. “Being recognized by the Moxie Awards acknowledges that others understand that this work is life-changing for many children and families.”

For a complete list of Moxie Award finalists, please visit www.moxieaward.com

About Behavioral Framework

Behavioral Framework is a leading family-owned and locally operated provider of ABA therapy, and an INC 5000 company for the second consecutive year, with a vision of providing exceptional care and better client outcomes for children diagnosed with autism and their families. Behavioral Framework was founded out of a strong desire to deliver consistent and superior care with a holistic and collaborative approach that serves the whole family. Learn more at: https://www.behavioralframework.com/

Rockville accounting service firm, Aronson, merges with national business advisory and CPA firm, Aprio

The combination of the two Top 100 firms adds a physical Aprio office in the greater D.C. area

Aronson, LLC partner, Angela Chaney, serves on Rockville Economic Development, Inc’s (REDI) Board of Directors. REDI congratulates Aronson on their growth, and is grateful for the continued involvement and guidance of Ms. Chaney.

ATLANTA, Ga. & ROCKVILLE, Md., Nov. 1, 2022 – Aprio, LLP, a nationally recognized business advisory and CPA firm headquartered in Atlanta, announced today that Aronson, LLC will merge with the growing firm. Aronson’s 350 team members, including 42 partners, will join Aprio effective January 1, 2023. The combination of the two Top 100 firms marks both Aprio’s largest transaction to date and adds a physical Aprio office in the greater D.C. area.

“Both Aronson and Aprio’s missions are to invest in clients’ success by investing in our own, and this merger achieves just that, creating the complete client experience and expanding opportunities for our team,” said Aronson’s Managing Partner Larry Davis. “Through this strategic combination, we are gaining scale and depth but will continue to serve entrepreneur-led businesses. We will significantly grow our platform to help our clients in more areas.” Larry Davis will join Aprio as a Partner, as will newly-elected Managing Partner, Lexy Kessler, who will serve as Mid-Atlantic Regional Leader for the national firm.

“Aprio has had a fantastic working relationship as a referral partner to Aronson over the last decade which proves how well our 31 fundamentals and Aronson’s core values align,” said Richard Kopelman, CEO and Managing Partner at Aprio. “This year marks Aprio’s 70^th anniversary and Aronson’s 60^th– a historic year for both firms – and we’re thrilled to create and celebrate success with a likeminded firm as committed as Aprio is to being a top workplace and top CPA and advisory firm. Together, we will be creating exceptional experiences for our clients for the next 70 years and beyond.”

Aronson team members will serve key leadership roles in the combined firm.

Azunna Anyanwu will serve as Chief Technology Officer.
Alan Langelli will serve as the Mid-Atlantic Leader for Technology.
Chavon Wilcox will lead the Construction and Real Estate segment.
David Semendinger will serve as Mid-Atlantic Director of Audit.
Jeff Gershen will co-lead the national Tax practice.
Jim Fennel will lead the Government Contracting segment.
Kate Petrillo will lead the Employee Benefit Plans segment.
Nicole Mitchell will hold a new executive role as Chief Practice Officer.
Rob Eby will lead the national Nonprofit segment.
Thad Panik will serve as Chief Learning Officer.

With a larger national presence and over $325 million in combined revenue, this merger positions Aprio to elevate its position in the market and create impactful growth opportunities for team members. The strategic combination grows Aprio’s team to more than 1,400 across 15 offices and key markets across the U.S.

About Aronson

Headquartered in Rockville, MD, Aronson provides a comprehensive platform of assurance, tax, and consulting solutions to today’s most active industry sectors and successful individuals. From startup to exit, Aronson helps clients maximize opportunity, minimize risk, and unlock their full potential. Aronson has been nationally recognized numerous times as a top workplace, and as a top accounting firm for client service and technology. To learn more, visit https://aronsonllc.com/

About Aprio

Aprio is a premier, full-service business advisory and certified public accounting firm that advises clients and associates on how to achieve what’s next. Headquartered in Atlanta, Georgia, Aprio has grown to over 1,400 team members. To serve clients wherever life or business may take them, Aprio’s teams speak more than 35 languages and work with clients in over 50 countries. Learn more at https://www.aprio.com/

Link to press release: https://aronsonllc.com/aronson-merges-with-aprio/

The Greater Rockville Chamber of Commerce announces its 2022 Rockstar Award Winners

The GRCC annually recognizes its 'Rockstars of the Year' including Small Business of the Year, Entrepreneur of the Year and Young Professional of the Year

The Rockville Chamber of Commerce (RCC) annually recognizes its Rock Stars of the Year in the following categories: Small Business of the Year, Large Business of the Year, Non-Profit of the Year, Entrepreneur of the Year, Young Professional of the Year and the Community Service Award. Following are this year’s winners in each category.

Small Business of the Year Award recognizes a company that has been in business for at least five years with revenue under $5M. Specific criteria include: flexibility, innovation and has a proven unique business and marketing strategy that has benefited the Rockville community. The 2022 Small Business of the Year is SHS Payroll.

Large Business of the Year recognizes a company committed to the vitality and community in Rockville, which has over 50 employees and over $5M in revenue. Specific criteria include: a commitment to their employees, their customers and has invested time, energy, and resources in the Rockville community. The 2022 Large Business of the Year is Universal Communities.

The Non-Profit of the Year recognizes outstanding practices among Rockville’s diverse non-profit organizations. Specific criteria include success in creating a lasting and beneficial impact for Rockville residents and sets a strong example for other non-profits in the community. The 2022 Non-Profit of the Year is Manna Food Center.

Entrepreneur of the Year recognizes a person who works for or operates a business taking on financial risk to do so, and identifies a need that no existing businesses address, and determines a solution for that need. Additionally, although the term “entrepreneur” is often associated with startups and small businesses, any founder of a successful household-named business began as an entrepreneur. Specific criteria include year over year growth, innovation, resilience, flexibility, and a unique business and marketing strategy, and a proven track record of commitment to the Rockville community and businesses. The 2022 Entrepreneur is Betty Sullivan of Architessa.

Young Professional of the Year recognizes an individual who is active in the Young Professional’s group of our Chamber and steps up to a leadership role within their organization. Specific criteria include tenacity and an exemplary commitment to the Rockville community and businesses. The 2022 Young Professional of the Year is Ethan Litvin of SEEC.

Award winners will be honored at a black-tie, sit-down dinner at the Manor Country Club in Rockville on November 3, 2022. Tickets are available, with attendance not exclusive to Chamber members. All business community members are encouraged to attend and celebrate the award winners.

About the Greater Rockville Chamber of Commerce (GRCC)

The GRCC serves as the voice of the thousands of businesses that proudly call Rockville, MD their home. It strives to create and support a thriving Rockville through educational programs, networking opportunities, and services; civic and business involvement in cultural and social programs and services; and advocacy for the interdependence of business and civic goals to expand economic vitality in Rockville. Learn more at https://rockvillechamber.org/

Rockville ranked 20th Best Place to Live in the U.S. in 2022 by digital platform, Money

A diverse city, according to Money's data, Rockville is business friendly and home to some of the most prominent biomedical and technology companies

Digital platform, Money, announced its annual ranking of the Best Places to Live spotlighting 50 cities and towns with strong labor markets, affordable homes, and racial, economic and cultural diversity.

For 2022’s Best Places to Live list, Money looked at towns and cities with a population of at least 20,000, and made its selection based on cost of living, economic opportunity, and diversity, among other factors.

“This year’s Best Places to Live ranking highlights the amazing cities and towns the country has to offer – with a hard examination of what matters most,” said Executive Editor, Mike Ayers. “Money hopes readers will find the places with the most opportunity for whatever’s next in their lives.”

Money’s Top 20 Best Places to Live include:

Atlanta, GA
Tempa, AZ
Kirkland, WA
Raleigh, NC
Rogers Park, IL
Columbia, MD
Somerville, MA
Ann Arbor, MI
Tampa, FL
Jersey City, NJ
Boise City, ID
Chapel Hill, NC
Irvine, CA
Fort Lee, NJ
Arlington, VA
Naperville, IL
Milton, MA
Fremont, CA
Carmel, IN
Rockville, MD

View Rockville’s profile on Money’s 2022 Best Places to Live here: https://money.com/best-places-to-live/rockville-maryland/

Rockville-based company secures Shark Tank investment for popular infant hygiene product, Oogiebear

Oogiebear's patented, award-winning design was researched and developed in their Rockville facility

Article originally published by The MoCo Show on September 24, 2022

Potomac residents Sina and Nina Farzin brought their popular product, Oogiebear, onto Season 14 of Shark Tank with the hopes of raising $400,000 dollars. Oogiebear is “the only infant booger picker on the market that effectively and safely removes sticky and dried boogers from babies’ nostrils.” Their research and product development facility can be found in Rockville/North Potomac.

The Farzins were interested in parting with 5% of their company for $400,000. It costs approximately $3 dollars to make and sells at a price point up to $24.99. The product is specifically designed for children under the age of two and uses a “patented, award-winning design features a loop end that’s a magnet for sticky boogers and a scoop end that takes care of those dry, crusty ones, plus our trademark bear head, which is way more than just cute: it prevents the tool from going too far into baby’s nose.”

“Mr. Wonderful” Kevin O’Leary asked about Oogie Bear’s sales and the sharks were pleasantly surprised when Nina informed them that they’ve sold more than 1 million units, which has generated over $15 million dollars in gross revenue and is on pace to reach a net profit of $1 million dollars this calendar year. Mr. Wonderful was happy to hear that and offered $400,000 dollars in exchange for 10% equity.

The Farzins explained that a lot of the company’s sales come from retail stores like Walmart and that they were looking to sell more through their website, since it has been a major weakness for them. Daymond John decided to drop out because he didn’t feel like he could provide value to the entrepreneurs, but Lori Greiner decided to make an offer of $400,000 dollars in exchange for 12% equity, asking Mark Cuban to join the deal.

Barbara Corcoran then made an offer that was almost the same as Kevin O’Leary’s offer of $400,000 dollars for 10% equity, but she offered half of the equity back if they didn’t reach certain metrics. Robert Herjavec liked this offer and joined Barbara, making the offer more appealing with two sharks and ended up offering a little more money for 10%.

The Farzins decided to accept the deal from Robert and Barbara, which was $600,000 dollars for 10% equity. The deciding factor seemed to be Barbara pledging to sell half of her equity back if she was not able to provide a significant boost to the company’s performance.

About Oogiebear/Oogie Solutions, LLC

Oogiebear is the invention of Nina Farzin, a pharmacist and parent of three who struggled to find a solution when her babies’ noses were congested. She invented a tool that let parents safely pick an infant’s nose to allow them to breathe freely. Oogie Solutions office and R&D facility are located on Molecular Drive in Rockville, MD. To learn more, visit https://oogiebear.com/

Morguard REIT completes acquisition of Rockville Town Square

The acquisition expands Morguard's investment in the City of Rockville who purchased Fenestra Apartments in 2017

MISSASAUGA, ON, Canada, September 27, 2022 – Morguard North American Residential REIT MRG (the “REIT”) announced today it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard’s investment in the City of Rockville and creates operational efficiencies to better realize its vision. The transaction closed at a purchase price of US$33.0 million, excluding closing costs.

“Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space,” said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. “This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision.”

Connected to Morguard’s Fenestra apartments, Rockville Town Square at 30 Maryland Avenue encompasses 183,000 square feet of retail, dining, and municipal and financial services. The mixed-use pedestrian-friendly location offers public gathering areas, entertainment events, and serves as a neighbourhood hub in the affluent Montgomery County. A short drive from Washington D.C., Rockville Town Square features spaces to live, work and shop including:

Luxury living: Morguard’s owned and managed Fenestra Apartments includes three mid-rise buildings within steps of the Square.
Transit-oriented location: Steps to the Rockville Metro (Red Line) as well as immediate freeway access via Interchange 270 and the Rockville Pike (Route 355). Residents and visitors can enjoy dedicated parking with ample garage and surface options for 1,000 vehicles.
Vibrant outdoor courtyard: A community hub for entertainment events and hosting Montgomery County’s largest ice rink.
Walkable authentic lifestyle: Minutes away from the area’s finest restaurants, entertainment destinations and services including Starbucks Coffee, Dawson’s Market, First Watch, Truist Bank, Citizens Bank and more.
Academic and municipal destination: Access to Montgomery College, an academic community college with over 25,000 students, Choice Hotels International Headquarters, Regal Theatres, Rockville Memorial Library, and Montgomery County Courthouse

“We are proud to be a part of the vibrant City of Rockville since our acquisition of Fenestra in 2017,” said John Talano, Senior Vice President of US Operations. “Further investment within the community is part of a multi-faceted approach to the planning and management of this incredible public space. We look forward to continuing to work with our new retail tenants and the entire community to ensure the relevance and long-term success of Rockville Town Square.”

Morguard’s Canadian and US portfolio includes 14.7 million SF in retail assets valued at $4.3 billion. This investment represents the continued expansion of our retail portfolio. In addition to Rockville Town Square, Morguard’s retail assets in the US include Boynton Town Center, Lantana Plaza, and Northgate at Falls Church.

About Morguard North American Residential REIT

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT’s portfolio consists of apartment communities located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. For more information, visit the REIT’s website at www.morguard.com.

Link to press release: https://www.morguard.com/news-knowledge/news/news-detail/?nid=123371

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Author: Amanda Bosland