Business in brief: Biomedical group hires COO

The Institute for Systems Medicine has a new chief operating officer, William Isgrigg.

The former research manager at the Heart Institute said ISM will try to provide more tools – tissue banks, equipment, “de-identified” medical records – to assist medical researchers already active in Spokane, and to attract more.

Isgrigg said a four-year medical school, independent or an offshoot of the University of Washington, is another objective. The longtime Spokane resident said rapid development of Spokane’s University District indicates the potential is there.

Besides his work at the Heart Institute, Isgrigg most recently was manager of neuroscience research at Swedish Health Services in Seattle. Earlier, he was a risk manager for Group Health Cooperative. He received his M.B.A. from Gonzaga University in 1986, and has a Ph.D. in biochemical nutrition from the University of Kentucky.

Isgrigg replaces loaned Avista Corp. executive Dave Holmes.

The institute receives funding from Providence Health Care, Washington State and Gonzaga universities, Avista and state, county and local governments.

SAN FRANCISCO

Oracle Corp. buys Sun

Oracle Corp. snapped up computer server and software maker Sun Microsystems Inc. for $7.4 billion Monday, trumping rival IBM Corp.’s attempt to buy one of Silicon Valley’s best known – and most troubled – companies.

The deal would end Sun’s 27-year history as Silicon Valley’s brash independent and shake up the computing industry.

IBM pulled an earlier buyout offer for Sun after the two sides couldn’t agree on key details.

CHARLOTTE, N.C.

BofA profit up; shares off

Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. Investors concerned about the banking industry’s health sent financial stocks and the overall market sharply lower.

Although Bank of America said higher revenue from the purchase of Merrill Lynch & Co. helped offset a surge in credit costs, it took a $13.4 billion provision for credit losses during the first three months of the year. The amount of its problem loans more than tripled to $25.7 billion and CEO Ken Lewis said he couldn’t predict when the bank’s credit morass would end.

NEW YORK

PepsiCo may buy bottlers

PepsiCo Inc.’s $6 billion bid to buy its two largest bottlers should make the owner of the Gatorade, Naked juices and Aquafina brands more nimble in a landscape where soft drinks have declined in popularity in favor of healthier options like water and juices.

The deals for Pepsi Bottling Group and PepsiAmericas would let PepsiCo control about 80 percent of its total North American beverage volume – something the company and analysts said would streamline the process of getting newer or smaller products to stores.

From staff and wire reports