BRIEFCASE AMGEN THERAPIES GIVEN FAST TRACK.

Byline: - Staff and wire reports

THOUSAND OAKS - Amgen Inc. announced Tuesday that the U.S. Food and Drug Administration gave fast-track designation for two of its experimental therapies.

The FDA can now accept marketing applications for AMG 531, used to treat an autoimmune bleeding disorder, and AMG706, an oral cancer treatment, before final registration completion. This allows drugs to come to market more quickly to treat life-threatening conditions.

Cherokee reports 33% income gain

VAN NUYS - Clothing licensor Cherokee Inc. on Tuesday reported a 33 percent increase in third-quarter net income, after receiving about $425,000 in state tax refunds.

Net income for the Van Nuys-based company rose by approximately $820,000 to $3.3 million, compared with $2.5 million in the year ago period.

At the same time, net revenues for the three months ended October 30 rose by $1.2 million to $7.9 million, an increase of 18 percent compared with the third quarter last year.

Hughes Network deal is reached

EL SEGUNDO - SkyTerra Communications Inc. will acquire 50 percent of a new entity that will contain the assets of Hughes Network Systems, which is valued at about $360 million in the transaction, it was announced Tuesday.

HNS, based in Germantown, Md., is a wholly owned subsidiary of The DirecTV Group Inc., which is based in El Segundo.

After two separate divestitures completed earlier this year, HNS is primarily focused on providing broadband satellite networks and services to enterprises via its Very Small Aperture Terminal business.

The DirecTV Group will receive about $251 million in cash at closing, subject to certain adjustments, and 300,000 shares of SkyTerra common stock, and will retain a 50 percent interest in the new company.

SkyTerra will acquire its interest in the new company for $50 million in cash and the 300,000 shares of its common stock.

Sears sued over USA-made claim

CHICAGO - Three tool buyers sued Sears, Roebuck and Co., accusing the retailer of false advertising and consumer fraud through ads stating its Craftsman tool line is ``Made in U.S.A.''

The lawsuit, which seeks class-action status and unspecified damages, was filed last Thursday in New York State Supreme Court in Manhattan.

Tool buyers Kenneth Vigiletti, Sidney Hyatt and Elaine Hyatt claim in the lawsuit that Sears' promotions led consumers to buy Craftsman tools out of a sense of patriotism because they were labeled ``Made in U.S.A.'' even though they include metal parts from Austria, Denmark, China, India and Mexico.