Company news

April 15, 2013
Back to TopE-mailPrintBookmark and Share

Eli Lilly and Co. wants the city of Indianapolis to give it $30.6 million in tax breaks on a $400 million project that includes a new manufacturing facility and improvements to existing operations downtown. The Metropolitan Development Commission will weigh two Lilly requests for 10-year tax abatements at its meeting at 1 p.m. Wednesday. Over the last several months, the pharmaceuticals giant has rolled out plans for a manufacturing plant southwest of downtown where the firm will manufacture cartridges for insulin. Construction is already under way for the 164,000-square-foot plant on South Harding Street, adjoining Lilly’s existing manufacturing complex known as Lilly Technology Center. Lilly’s investment in the project is estimated at $320 million. In addition, it is planning a new inspection facility that will add another 30,000 square feet to the project, plus renovations to existing buildings on the Lilly Technology Center campus and the Lilly Corporate Center. As a result of the project, the firm said it will be able to retain 175 Indianapolis employees who will earn an average of $30.96 per hour, according to the abatement requests. Over the 10-year period of the two abatements, Lilly still would pay $22.2 million in taxes on the new construction, renovations and equipment.

Matrix-Bio Inc., a Fort Wayne-based diagnostics company, has signed a licensing and marketing agreement for a breast cancer test with New Jersey-based giant Quest Diagnostics. Under the agreement, Quest will have the rights to use metabolic breast cancer biomarkers developed by Matrix-Bio to create a new lab test to detect the recurrence of breast cancer. Quest will co-fund clinical studies with Matrix-Bio and, if those are successful, market the test as a lab service in the United States and other countries. Quest also has the option to pursue an appropriate regulatory pathway for an in vitro diagnostic version of the test. Financial terms of the deal were not disclosed.

Two Purdue University professors have received a $3 million grant from the National Institutes of Health to understand why some children grow out of stuttering. They will use their findings to develop a speech therapy screening tool to identify which preschool children are not likely to recover from stuttering and should receive therapy immediately. Professors Anne Smith and Christine Weber-Fox will use the five-year grant to follow 100 children who stutter. Their research, which began with Smith in 1988, has been funded by the NIH's National Institute on Deafness and Other Communication Disorders for more than 25 years and has received more than $13 million in grant awards.

Ball State University's School of Nursing is partnering with Indianapolis-based hospital system Community Health Network to create the Nursing Academy, an accelerated degree program designed to increase the number of registered nurses in Indiana. The Nursing Academy will kick off this fall by offering students classes at Ball State, online and via video conferencing. Its students also will work at Community’s eight hospitals. The Community Health Network Foundation will fund scholarships for the 24 students representing the academy's inaugural class. The academy hopes to ramp up to enroll 48 students each year.


Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. What became of this project? Anyone know?

  2. Scott, could you post an enlarged photo of the exterior of the building? This will be a great addition to Walnut Street. This area will only continue to develop with additions like this. Also, please give us more updates on the "Cultural Trail light" expansion. Also a great move for the city, as long as there is maintenance money set aside.

  3. Great story IBJ! Citizens don't have a real sense of the financial magnitude of supporting Indy's sports and tourism sector. The CIB was a brilliant idea for creating a highly integrated public-private partnership to support this sector from the economic activity it generates. Unfortunately, most folks think the benefits of that economic activity accrue directly to the City budget, and it doesn't. So though the CIB is facing lean times (covering its costs while maintaining minimally acceptable reserves), the City is operating with deficit - less tax revenue than expenses each year - with a very fragile reserve balance. That's why it's so challenging for the City to fund basic needs or new intitatives (e.g. pre-k education; new jail), and some credit rating agencies have downgraded Indy from it's past stellar AAA status. More reporting on City finances would be welcomed.

  4. Sure, I'll admit that it bugs me to see that the IBJ.COM censors it's blog posts almost as much as the D of I does when someone points out the falsehoods and fabrications. _____But I think it bothers me almost as much that Captain/Defender/Disciple get his yanked too. You see, those of us with a sense of integrity, humanity, compassion, and a need for fact based opinion WANT to see all of his screeds posted. It makes our point so much better than we can do it ourselves.

  5. We're conflating two very different topics. Voter fraud is a myth and excessive gun violence is all too real. I just hope rational gunowners decide to stop being shouted down by the, well, let's call them "less rational" ones.