Ten things you may have missed Monday from the world of business

NEW YORK — Over a century of family ownership of Louisville Slugger bats is going ... going ... nearly gone. The company that makes the iconic bats gripped by generations of ballplayers — from Babe Ruth to Ted Williams to David Wright — announced a deal Monday to sell its Louisville Slugger brand to rival Wilson Sporting Goods Co. for $70 million. For 131 years, the family behind Hillerich & Bradsby Co. has supplied bats for games from the sandlots to the big leagues. H&B CEO John A. Hillerich IV said keeping the bat business in family hands had been a dinnertime topic for years. But as the rivals’ lineup grew in recent years, the family became willing to listen to offers. Under terms of the agreement, H&B will continue to manufacture Louisville Slugger wood bats at its factory in Louisville, Ky. — Associated Press

Waltham-based ImmunoGen and the Japanese pharmaceutical company Takeda have signed a drug development agreement that could be worth more than $440 million. ImmunoGen Inc., which makes anti-cancer therapies, said Monday it would receive $20 million in exchange for giving Takeda the exclusive right to develop and commercialize one of its technologies. Depending on how close that process comes to reaching two undisclosed targets, ImmunoGen could make another $420 million, plus royalties from drug sales. The research ImmunoGen licensed concerns compounds known as antibody-drug conjugates , which consist of a protein that attaches to a cancer cell coupled with a drug designed to kill that cell. In 2013, ImmunoGen’s Kadcyla conjugate became the first such therapy to win full Food and Drug Administration approval. ImmunoGen’s stock rose $1.25, or 17 percent, to $8.69. — Jack Newsham

Federal regulators Monday said a heart pump sold by Danvers medical device maker Abiomed Inc. is safe and effective for high-risk patients with heart failure and advanced heart disease. The so-called “pre-market approval” for the company’s Impella 2.5 pump, one of its top-selling products, cites extensive clinical data Abiomed submitted to the Food and Drug Administration. The agency first approved the pump in 2008 under a different process for a broader patient population. Impella 2.5, which Abiomed calls the world’s smallest heart pump, is the first hemodynamic support device to win specific approval for the high-risk patients, who are estimated to number about 100,000 a year. — Robert Weisman

Average Massachusetts gas prices fell 9 cents per gallon this week to $2.32 a gallon, according to AAA Northeast. The auto club said Monday prices fell for a second straight week after five weeks of increases. A year ago, the group said, the average price for a gallon of regular gasoline was $3.52 per gallon in the Bay State, $1.20 higher than today. The average Massachusetts price was 10 cents lower than the national average, AAA Northeast said. Gas prices have fallen because oil prices are down. Although planned pauses in gas production at oil refineries and labor troubles at some plants led prices to rise earlier this year, continued economic slowdowns in foreign countries and with high domestic oil production have sent prices tumbling since last summer, when oil peaked around $108 per barrel, federal data show. A barrel of West Texas Intermediate crude oil was trading for $46.88 on the New York Mercantile Exchange Monday morning, according to Bloomberg. — Jack Newsham

A fund affiliated with Bain Capital Partners LLC plans to acquire Japan Wind Development Co. through a tender offer. JWD Holdings K.K., set up in February and equally owned by the fund and Japan Wind president Masayuki Tsukawaki, will pay $4.84 a share, Japan Wind said in a statement Monday. The price is 25 percent higher than Friday’s close of $3.86. “Bain Capital will work together with the current management led by Mr. Tsukawaki,” Bain said in a statement. The purchase price is $81 million but could go to as much as $91 million, according to statements from the companies. — Bloomberg News

Cross Insurance, the Bangor-based brokerage, said Monday it has acquired Corcoran & Havlin Insurance Group of Wellesley. All 55 of the company’s employees will be retained, according to Ira Kantor, a spokesman for Cross, and Corcoran & Havlin will keep its name. Jack Keefe and George Doherty will remain the heads of the Wellesley agency, Kantor said. Financial terms weren’t disclosed. Cross has been on an acquisition binge. Last year, the company acquired Troy, Pires & Allen, a Rhode Island insurance agency, as well as the Driscoll Agency of Norwell. Recently, Cross bought the naming rights to a party pavilion at Gillette Stadium, one of several sports naming rights deals the company has struck in New England. — Jack Newsham

The investment company Merrill Lynch has agreed to pay $2.5 million to settle claims by the Massachusetts secretary of state that it failed to instruct financial advisers to put clients’ interests before the company’s. Secretary of State William F. Galvin’s office said job training materials presented to employees in January 2013 weren’t reviewed by the company’s compliance division and risked misleading them. Part of the presentation instructed employees to consider the “transfer of existing customer assets from commission-based brokerage accounts, to fiduciary fee based alternatives” without instructing employees to consider whether those actions would be in their clients’ best interest, Galvin’s office said. “We are reiterating to our employees they need to have internal presentations properly [vetted] before they’re used,” said Bank of America spokesman Bill Halldin. The bank owns Merrill Lynch. — Jack Newsham