Company news

December 23, 2009

AIT Laboratories is doling out another $1 million to its employees, its second round of profit-sharing payouts this year. The Indianapolis-based clinical, forensic and pharmaceutical testing company paid employees $2 million in bonuses in June, right before CEO Michael Evans transferred ownership of the firm to its workers as part of an employee stock-ownership plan. This year, AIT expects a 75-percent increase in revenue as the company entered 15 new markets and enjoyed a wave of outsourcing by pharmaceutical firms. AIT also launched AIT Bioscience, a contract research organization, this year.

Eli Lilly and Co., in a bid to beef up its pipeline of medications for autoimmune diseases, is paying $90 million for the global rights to an experimental drug being tested as a treatment for rheumatoid arthritis. The drug, which is being developed by Delaware-based Incyte Corp., blocks the functioning of a group of enzymes known as JAK, which play a role in some autoimmune and inflammatory diseases. Indianapolis-based Lilly also acquired the rights to later drugs using the same JAK-inhibiting technology. If the drug makes it to market, Indianapolis-based Lilly could pay another $665 million to Incyte for reaching various milestones along the way. Also, Lilly agreed to share royalties from any sales of the drug. The drug, a pill taken orally, is being tested in patients in a Phase 2 clinical trial.

Physician-owned hospitals across Indiana joined together to form the Indiana Physician Hospital Association Inc. The new state association formed in response to Congress’ attempt to pass health care reform that would restrict the growth of physician-owned hospitals across the nation. Fifteen communities across Indiana are served by physician-owned hospitals, which employ more than 4,000 nurses and staff members, and 2,610 physicians. Jane Keller, CEO of the Indiana Orthopaedic Hospital in Indianapolis, was elected president of the new organization.