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Eli Lilly unit plans to buy feed-enzyme maker

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Drugmaker Eli Lilly and Co.'s Elanco animal health division plans to buy a privately held maker of feed-enzyme products that improve poultry, egg and meat production.

Terms of the acquisition of ChemGen Corp. were not disclosed. Lilly said Tuesday the deal is expected to close in the first quarter.

Lilly, headquartered in Indianapolis, said feed enzymes are naturally occurring digestive enhancers that help animals make better use of feed nutrients. ChemGen is based in Gaithersburg, Md., and has manufacturing operations in Terre Haute that employ about 25 people.

Lilly is the world's 10th-largest drugmaker by annual revenue, according to the latest rankings from drug data firm IMS Health. The company lost the U.S. patent protecting its all-time best seller, the antipsychotic Zyprexa, from generic competition last fall and faces other patent expirations.

It has cited its animal health business as a key source of future revenue growth, along with its pipeline of drugs under development and sales in Japan and emerging markets like China.

Lilly shares climbed 16 cents, to $39.56 each, in afternoon trading.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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