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Pharmaceutical giant Merck is acquiring a Raleigh company whose technology helps poultry producers identify the sex of chicks and vaccinate them. 

Why it matters: Merck's acquisition of Targan, whose labs are located in a redeveloped Kroger on Six Forks Road in Raleigh, gives Targan access to Merck's global reach while delivering a significant exit for local investors.

Targan's automated technology can sort days-old chicks by their sex, a useful tool in commercial farming, where egg-laying hens are a valuable commodity, and vaccinate them via a spray method more accurately. 

Driving the news: The price of the sale was not disclosed by Merck or Targan, but Justin Wright-Eakes, the founder of Raleigh-based Oval Park Capital, said it could be a pivotal moment for his investment firm. 

In a region that has long complained about a lack of access to early capital, potential wins like Targan can help keep money flowing into the next generation of startups in the region. 

Targan's most recent funding had come in the form of a $100 million financing agreement with Symbiotic Capital in March. 

Zoom in: Oval Park, founded in 2018, was one of the earliest investors into Targan, which now employs more than 100 people, and invested in the company across five funding rounds. 

"It's our first position and by far our biggest position," Wright-Eakes told Axios. "While I'm prohibited from giving the actual number, I can say that the proceeds coming back to Oval Park basically return every dollar that we've deployed into every company to date." 

State of play: Wright-Eakes hopes that it validates his firm's decision to invest in hardtech — physical technologies and engineering-based products — rather than software.

Oval Park primarily invests in the Southeast, and around 40% of its investments are in local companies, including startups like the antiperspirant company Carpe, the climate tech company Natrx and imaging company Swir. 

What's next: Wright-Eakes said he hopes the success of Targan and some other investments will help it complete funding for its second investment fund. 

Oval Park, whose headquarters are in North Hills, is targeting a $100 million fund. 

The firm's first fund raised $20 million. Including capital deployed through special purpose vehicles, Oval Park has invested about $87 million overall.

Wright-Eakes said that $100 million would give Oval Park enough capital to meaningfully invest in around 20 companies and expand its staffing. He added that a third of those future investments will likely be local companies. 

What they're saying: "I think Targan shows that you can build disruptive physical technology companies [in the Triangle], and get acquired by Fortune 50 companies," Wright-Eakes said. 

"It's also going to create a lot of wealth," he added. "And those people often become angel investors and founders and it will recycle through our [startup] ecosystem." 

Merck acquires Raleigh-based Targan and its poultry tech

The deal is expected to be a boon for local investors.

Illustration of a chicken with dollar signs for eyes.

Pharmaceutical giant <a class="gtmContentClick" data-vars-link-text="Merck" data-vars-click-url="https://www.axios.com/pro/biotech-deals/2026/03/25/merck-takeover-targets" data-vars-content-id="1831d3d4-f006-42a0-87e7-b22918c9f126" data-vars-headline="Merck acquires Raleigh-based Targan and its poultry tech" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2026/03/25/merck-takeover-targets" target="_self">Merck</a> is acquiring a Raleigh company whose technology helps poultry producers identify the sex of chicks and vaccinate them. Why it matters: Merck&#x27;s acquisition of Targan, whose labs are located in a redeveloped Kroger on Six Forks Road in Raleigh, gives Targan access to Merck&#x27;s global reach while delivering a significant exit for local investors.<ul><li>Targan&#x27;s automated technology can sort days-old chicks by their sex, a useful tool in commercial farming, where egg-laying hens are a valuable commodity, and vaccinate them via a spray method more accurately. </li></ul>

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A couple years ago, Axios Raleigh and Axios Charlotte readers came together to help us determine North Carolina's best beach. 

Now, with humidity and temperature levels in the Piedmont on the rise, we want your help determining the state's best mountain town to escape to. 

Why it matters: North Carolina's mountains are one of the most magical parts of living in this state, combining sheer visual beauty and immense biodiversity with some of the best towns and outdoor activities in the world. 

And your visit to the mountains mean more than ever, as the region continues to recover from the devastating impacts of Hurricane Helene. 

Driving the news: We broke our bracket down into four different regions, all with their own flair and different highlights. 

🏙️ Asheville area: Asheville (the largest city in all the mountains), Burnsville, Lake Lure and Black Mountain. 

🌄 The Smokies: Bryson City, Sylva, Waynesville and Cherokee.

🧗 Southern mountains: Brevard, Hendersonville, Cashiers and Highlands. 

⛷️ High country: Boone, Blowing Rock, Banner Elk/Beech Mountain and West Jefferson. 

State of play: Voting for the first round Monday at midnight. We will vote every day until we get a winner! 

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Bracket competition: North Carolina's best mountain town

Let's vote to see what North Carolina's best mountain town is.

North Carolina mountains with blue skies above. 

A couple years ago, <a class="gtmContentClick" data-vars-link-text="Axios Raleigh" data-vars-click-url="https://www.axios.com/local/raleigh" data-vars-content-id="7c175f40-001c-4f91-9887-4bb13684d29c" data-vars-headline="Bracket competition: North Carolina&#x27;s best mountain town" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh" target="_self">Axios Raleigh</a> and <a class="gtmContentClick" data-vars-link-text="Axios Charlotte" data-vars-click-url="https://www.axios.com/local/charlotte" data-vars-content-id="7c175f40-001c-4f91-9887-4bb13684d29c" data-vars-headline="Bracket competition: North Carolina&#x27;s best mountain town" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte" target="_self">Axios Charlotte</a> readers came together to help us determine <a class="gtmContentClick" data-vars-link-text="North Carolina&#x27;s best beach" data-vars-click-url="https://www.axios.com/local/raleigh/2024/03/01/picking-north-carolinas-best-beach" data-vars-content-id="7c175f40-001c-4f91-9887-4bb13684d29c" data-vars-headline="Bracket competition: North Carolina&#x27;s best mountain town" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2024/03/01/picking-north-carolinas-best-beach" target="_self">North Carolina&#x27;s best beach</a>. <ul><li>Now, with humidity and temperature levels in the Piedmont on the rise, we want your help determining the state&#x27;s best mountain town to escape to. </li></ul>Why it matters: North Carolina&#x27;s mountains are one of the most magical parts of living in this state, combining sheer visual beauty and immense biodiversity with some of the best towns and <a class="gtmContentClick" data-vars-link-text="outdoor activities" data-vars-click-url="https://www.axios.com/local/charlotte/2026/05/19/charlotte-day-trip-hiking-roan-highlands-carvers-gap-appalachian-trail-nc-tn" data-vars-content-id="7c175f40-001c-4f91-9887-4bb13684d29c" data-vars-headline="Bracket competition: North Carolina&#x27;s best mountain town" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/05/19/charlotte-day-trip-hiking-roan-highlands-carvers-gap-appalachian-trail-nc-tn" target="_self">outdoor activities</a> in the world. <ul><li>And your visit to the mountains mean more than ever, as the region <a class="gtmContentClick" data-vars-link-text="continues to recover" data-vars-click-url="https://www.axios.com/local/charlotte/2025/09/26/1-year-since-helene-recovery-efforts-ongoing-in-western-north-carolina" data-vars-content-id="7c175f40-001c-4f91-9887-4bb13684d29c" data-vars-headline="Bracket competition: North Carolina&#x27;s best mountain town" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2025/09/26/1-year-since-helene-recovery-efforts-ongoing-in-western-north-carolina" target="_self">continues to recover</a> from the devastating impacts of Hurricane Helene. </li></ul>

Things to Do

Richmond-based Eat Restaurant Partners plans to open a second restaurant in Raleigh early next year.

Why it matters: The group is expected to begin construction on Lucky AF — short for Asian fusion — at Ridgewood Shopping Center on Wade Avenue in the next few months. 

Lucky AF will take over a former retail space that Ridgewood's landlord, Regency Centers, renovated into a potential restaurant space. 

Driving the news: Eat's president Chris Tsui said his restaurant group always planned to open multiple restaurants in Raleigh. The company operates 11 different restaurant brands. 

Last year, it opened Wong's Tacos, a Mexican-Asian fusion spot, at the GlenLake office park in Raleigh.

"We really like the Raleigh area, and we always said we are not going to be one and done there," Tsui told Axios. "It just happened that this location came available, and I said, 'Let's jump on it.'" 

What to expect: The first Lucky AF opened in 2020 in the Richmond neighborhood of Scott's Addition. The restaurant serves bento boxes, dumplings, poke and dozens of traditional and specialty sushi rolls. 

The concept proved popular there, and Eat is planning two more locations in the Richmond area. 

Tsui said that restaurant-goers can expect a lively atmosphere at Lucky AF. "We like to have fun with our names and concepts," he said. 

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Richmond restaurant group to open a sushi restaurant in Raleigh

Lucky AF is the second restaurant Eat Restaurant Partners will open in Raleigh.

Lucky AF's original location in Richmond. Photo: Sabrina Moreno/Axios 

Richmond-based <a class="gtmContentClick" data-vars-link-text="Eat Restaurant Partners" data-vars-click-url="https://eatrp.com/" data-vars-content-id="b041342c-4706-4afc-aaea-3de5435b3835" data-vars-headline="Richmond restaurant group to open a sushi restaurant in Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://eatrp.com/" target="_blank">Eat Restaurant Partners</a> plans to open a second restaurant in Raleigh early next year.Why it matters: The group is expected to begin construction on <a class="gtmContentClick" data-vars-link-text="Lucky AF" data-vars-click-url="https://getluckyaf.com/" data-vars-content-id="b041342c-4706-4afc-aaea-3de5435b3835" data-vars-headline="Richmond restaurant group to open a sushi restaurant in Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://getluckyaf.com/" target="_blank">Lucky AF</a> — short for Asian fusion — at Ridgewood Shopping Center on Wade Avenue in the next few months.

Food and Drink

JetZero, the experimental aircraft manufacturer that North Carolina recruited to the state, has broken ground on its planned headquarters and manufacturing facility in Greensboro. 

Why it matters: When JetZero agreed to an incentives deal with the state last year, it was the biggest jobs announcement on paper in North Carolina history, with JetZero pledging up to 14,500 jobs. 

If it were to meet that lofty goal, JetZero could earn state incentives around $1 billion. 

Yes, but: JetZero has an uphill climb to challenge the heavyweight plane makers of Boeing and Airbus. 

Between the lines: North Carolina has now made major bets on two aerospace startups — JetZero and supersonic aircraft maker Boom — neither of which has produced a commercial airplane.

The state has put its backing behind several startups in recent years, including VinFast, an EV maker it is now suing to get control back of land where it had planned to build a manufacturing plant. 

The state only pays out incentives if companies meet hiring and investment goals, though it has made some investments in improving sites for companies. 

For instance, $450 million of state money is expected to go toward site preparation and road improvements at the JetZero site, whenever the state budget is passed. 

Zoom in: JetZero is betting that its blended-wing airplane design —which look like manta rays, with the fuselage and wings morphed into one fluid shape — will become attractive due to the potential fuel savings. 

Some airlines have already shown interest, with Alaska and United both investing in the company and signing purchasing agreements. 

Driving the news: The company expects its prototype aircraft to fly next year and plans to manufacture its first commercial aircraft later this decade. 

Those planes will be made at an 8-million-square-foot facility spanning more than 600 acres near Piedmont Triad International Airport in Greensboro. 

The company's HQ will move from Long Beach, California, to Greensboro when the facility is finished. 

What they're saying: Company CEO Tom O'Leary told CNBC Monday morning that airlines are highly interested in JetZero because of the huge fuel savings it is promising. 

"Fuel prices are the number one consideration for the airlines," he said on television. "So, when you can reduce fuel burn by 30 to 50%, then you've got something that the airlines, of course, are interested in." 

He noted that the company has a working group of 16 airlines. "They're helping us design the plane, so they're super excited about what JetZero can do for their business," he added. 

Modern lobby with a tall wooden slat divider, a bright orange "Jetzero" sign above a curved wooden reception desk, dark metal walls, an airplane mural on the left, and several people speaking.

A rendering of JetZero's future HQ in Greensboro. Photo: Cline

JetZero breaks ground on North Carolina manufacturing site

The company is making a big bet on a new design for airplanes.

Tom O'Leary, JetZero CEO and co-founder, speaks about the JetZero Z4 blended wing body aircraft during the company's media day in Long Beach, California on May 2, 2025. JetZero is developing the world's first commercial all-wing design airplane. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T

Tom O'Leary, JetZero's CEO, stands in front of a rendering of its blended-wing plane. Photo: Patrick T. Fallon/AFP via Getty Images

JetZero, the experimental aircraft manufacturer that North Carolina recruited to the state, has broken ground on its planned headquarters and manufacturing facility in Greensboro. Why it matters: When JetZero agreed to an incentives deal with the state last year, it was the biggest jobs announcement on paper in North Carolina history, with JetZero <a class="gtmContentClick" data-vars-link-text="pledging up to 14,500 jobs" data-vars-click-url="https://www.axios.com/local/raleigh/2025/06/12/jetzero-jobs-north-carolina-greensboro-pti-manufacturing" data-vars-content-id="b2ca1a96-db43-42a9-9183-2ab274b06db5" data-vars-headline="JetZero breaks ground on North Carolina manufacturing site" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2025/06/12/jetzero-jobs-north-carolina-greensboro-pti-manufacturing" target="_self">pledging up to 14,500 jobs</a>. <ul><li>If it were to meet that lofty goal, JetZero could earn state incentives around $1 billion. </li></ul>

News

In a region of divided loyalties and transplants, the Carolina Hurricanes' run to winning the Stanley Cup has given the Triangle and its 2.3 million residents something to rally around.

Why it matters: You could feel it in the streets, with watch parties and bars from Raleigh to Durham slammed in a way usually reserved for Final Four runs. 

Between the lines: Wearing Hurricanes gear is one of the few times someone in the Triangle can put on red without it signifying allegiance to a particular school — or it might be the only time someone wears the color at all. 

And in a region where most people were born elsewhere, the Hurricanes are giving new arrivals a way to connect with Raleigh in an entirely new way.

The big picture: While the Hurricanes won the Stanley Cup in 2006, the Triangle is a dramatically different region than it was 20 years ago, when its population was about 1.5 million.

A new generation is building its own memories of cheering for the Triangle on the national stage — and man does it feel good.

While the region's universities power its economy, it is one of the "big four" sports teams that put everyone under one flag. 

What they're saying: The playoff run has boosted Raleigh's brand, says Kyle Touchstone, the city's economic development director, especially given the consistent reminders on national TV that the Lenovo Center is one of the NHL's loudest arenas.

"We've always been known for legendary sports here, but this just shows that we can do it on a larger scale," he tells Axios.

What's next: Where all this excitement goes next is the big question. Does it provide a boost to other local teams — perhaps the NC Courage — or go dormant at the end of the championship run?

The intrigue: It's probably no coincidence that there are now two billionaires, Tom Dundon and Marc Lasry, expressing interest in bringing Major League Baseball to the Triangle. 

"I can't speak for any of the other professional leagues, but I do know that NHL has been very pleased with what they've seen here," Touchstone says.

The bottom line: Landing a baseball team is still an uphill battle. But clearly they're seeing something that we are currently feeling — a fast-growing region that will rally together around a shared interest. 

"You're making a bet that in the next five, 10, 20 years, the city is going to keep on growing," Lasry told WRAL of bringing baseball to Raleigh. "That's a bet I'm willing to make."

region where most people were born elsewhere

two billionaires, Tom Dundon and Marc Lasry, expressing interest

What the Hurricanes Stanley Cup run meant to Raleigh

The Stanley Cup buzz is reinforcing the case that the Triangle can support more major-league sports.

RALEIGH, NC - JUNE 11: Fans celebrate the win outside of game five game five of the NHL Stanley Cup Final between the Vegas Golden Knights and the Carolina Hurricanes on June 11, 2026 at Lenovo Center in Raleigh, NC. (Photo by Nicholas Faulkner/Icon Sportswire via Getty Images)



Fans celebrate outside of Lenovo Center. Photo: Nicholas Faulkner/Icon Sportswire via Getty Images

In a region of divided loyalties and transplants, the Carolina Hurricanes&#x27; run to <a class="gtmContentClick" data-vars-link-text="winning the Stanley Cup" data-vars-click-url="https://www.axios.com/local/raleigh/2026/06/15/carolina-hurricanes-win-stanley-cup" data-vars-content-id="d3700a5c-7000-4464-a797-f103cfc48edd" data-vars-headline="What the Hurricanes Stanley Cup run meant to Raleigh" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/raleigh/2026/06/15/carolina-hurricanes-win-stanley-cup" target="_self">winning the Stanley Cup</a> has given the Triangle and its 2.3 million residents something to rally around.Why it matters: You could feel it in the streets, with watch parties and bars from Raleigh to Durham slammed in a way usually reserved for Final Four runs.

Sports

A bracket that shows an Axios readers survey for best mountain town in North Carolina. The first round has eight matchups, including Asheville vs. Burnsville, Boone vs. Banner Elk/Beech Mountain, and Blowing Rock vs. West Jefferson. Later rounds list seven undecided slots, with no winners or percentages yet.

Zachery Eanes

Featured stories

Bracket competition: North Carolina's best mountain town

Merck acquires Raleigh-based Targan and its poultry tech

Richmond restaurant group to open a sushi restaurant in Raleigh

JetZero breaks ground on North Carolina manufacturing site

What the Hurricanes Stanley Cup run meant to Raleigh