MARKETS

Intellia Therapeutics registers for IPO

Intellia Therapeutics Inc., a Cambridge startup developing gene-editing technology, registered Monday to sell shares in an initial public offering and unveiled a collaboration and licensing deal with Regeneron Pharmaceuticals Inc., a large biotechnology company based in Tarrytown, N.Y. In a regulatory filing, Intellia said it would seek to raise $120 million, a placeholder amount that could change before it prices its shares. Under its agreement with Regeneron, Intellia will receive an upfront payment of $75 million and is eligible to receive unspecified milestone and royalty payments if Regeneron markets up to 10 drugs based on Intellia’s gene-editing technology. Regeneron also agreed to invest up to $50 million in Intellia’s next equity financing round, but the partners did not specify whether Regeneron would be investing in the IPO. Intellia is one of a trio of Cambridge companies using a scientific tool known as CRISPR-Cas9, which holds the promise of curing thousands of genetic diseases by cutting out, reordering, and reinserting DNA. — ROBERT WEISMAN

RAILROADS

Canadian Pacific drops bid for Norfolk Southern

Canadian Pacific Railway Ltd. abandoned its bid to buy Norfolk Southern Corp. after five months of public efforts and several rejected bids, dealing a setback to investor Bill Ackman, who championed the transaction. The deal, valued at $27 billion, would have been the largest railroad merger since regulators changed their criteria for approving combinations in 2001. Norfolk, the second-largest railroad in the eastern United States, had called that offer “grossly inadequate’’ and said regulators probably would scuttle the deal. The carrier’s effort to merge with Norfolk Southern drew opposition from customers such as United Parcel Service Inc. and FedEx Corp., as well as from the US Department of Justice. — BLOOMBERG

FINANCE

GE to sell bulk of Czech banking unit

General Electric Co. plans to sell most of its Czech banking unit in an initial public offering that could reinvigorate the Prague equity market whose value has shrunk by 70 percent in the past seven years. The US company seeks to complete the offering of shares in GE Money Bank this quarter, the unit’s chief executive Tomas Spurny said on Monday. The transaction may value the lender between 34 billion koruna ($1.4 billion) and 46 billion koruna, according to J&T Banka AS. Pricing in that range would make it the fourth-largest Czech traded company. GE is divesting the unit as part of a year-old plan to sell most of its financial assets worldwide and focus on its industrial business. — BLOOMBERG

ENERGY

Gasoline back up to $2 a gallon in Mass.

The cost of a gallon of gasoline in Massachusetts is back at the $2 mark for the first time since December. AAA Northeast announced Monday that self-serve, regular has risen 2 cents per gallon in the past week to an average of $2, the sixth consecutive week of higher prices. The Massachusetts price is still 4 cents per gallon lower than the national average and 34 cents lower than it was a year ago. AAA found self-serve, regular selling for as low as $1.89 per gallon and as high as $2.19. — ASSOCIATED PRESS

TAXES

Israel targets multinationals, such as Google

Israel has expanded its definition of who must pay taxes on commerce, targeting digital multinationals such as Facebook Inc. and Google that critics say get a free ride. Because much of today’s trade is carried out on the Internet, a foreign firm may now be considered a “permanent establishment’’ and subject to tax even if most of its presence is virtual, the Israel Tax Authority said in an e-mailed statement. The authority said Internet multinationals will be required to pay value-added tax, which is 17 percent for Israelis. — BLOOMBERG

AVIATION

Air Austral cancels order for two Airbus A380’s

Airbus Group SE lost an order for two A380 superjumbos from Indian Ocean carrier Air Austral, which had aimed to fit the planes with the highest-capacity seating layout in the history of aviation. The aircraft, whose planned 840-seat configuration had led them to be dubbed “flying sardine cans,’’ were removed from Airbus’s order backlog in the company’s monthly update published Monday, confirming a cancellation that had seemed likely after Air Austral repeatedly delayed their delivery. Based on the island of La Reunion, Air Austral ordered the double-decker A380s in 2009, saying they’d be used for single-class budget links with Paris. Most airlines operate the model with 450 to 550 seats in three classes, with Dubai-based Emirates, the biggest operator, introducing a two-class 615-seat version. — BLOOMBERG

RETAIL

Hungary seeks repeal of Sunday shopping ban

Hungary’s government said Monday it had asked parliament to repeal a year-old, very unpopular law banning most retail stores from opening on Sundays. The move would avoid a referendum on the issue initiated by the opposition Socialist Party, which could have been held later this year. The government also wants to avoid distracting voters from its own plans for a referendum seeking support for Hungary’s rejection of the European Union’s scheme of resettlement quotas for refugees, said Antal Rogan, Prime Minister Viktor Orban’s Cabinet minister. — ASSOCIATED PRESS

JOBS

Hospital fetes 70-year employee

Talk about a loyal employee: Elena Griffing has started her 70th year working for the same San Francisco Bay area hospital. Sutter Health Alta Bates Summit Medical Center spokeswoman Carolyn Kemp says the facility has celebrated Griffing’s milestone employment and her recent 90th birthday. Griffing’s first day on the job was April 10, 1946, when she was 20. Back then, the facility in Berkeley was called Alta Bates Community Hospital. She has taken only four days of sick leave in her 70 years of work. She works in patient relations four days a week and says she has no plans to retire. — ASSOCIATED PRESS