Life sciences critical mass elusive in Indiana after years of effort
Attempts to build the sector are making headway, but Indiana still lags leading states.
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Bayer’s $14.2 billion Merck buy shows pharma strategy split
Bayer AG’s $14.2 billion acquisition of Merck & Co. is the latest in a series of big pharma deals and it exposes a deepening split in the way drugmakers approach their portfolios.
HHGregg launches rebranding effort to improve sales
The electronics and appliance chain has unveiled a new logo and advertising spots, in addition to improvements to its website and delivery service, as it attempts to keep pace with competitors.
Company news
Indiana University plans to turn the former Wishard Memorial Hospital campus into a 26-acre, $200 million research complex that would bridge IU’s School of Medicine with the city’s life sciences firms, including those at the nascent 16 Tech business park. The plans call for classrooms, offices, labs and business-incubation space. The university is trying to lure the newly created Indiana Biosciences Research Institute to the facility. And the School of Medicine wants to set up a drug discovery center, which would house 12 of its faculty. IU’s public health and dentistry schools have eyed the complex as a possible home base, said Jay Hess, dean of the IU med school. The former Wishard will also become the new home of the Indiana University Research and Technology Corp, which tries to commercialize the intellectual property created at IU. The IURTC announced in April that it will sell its Innovation Center on West 10th Street.
A highly touted partnership between St. Vincent Health, Community Health Network and the Suburban Health Organization is coming to an end—just 18 months after it began. The Accountable Care Consortium was envisioned as a vehicle through which the hospitals would eventually funnel all of their roughly $2.5 billion in annual contracts with health insurers and employers. Those contracts would have been based on the ability of St. Vincent, Community and the suburban hospitals to keep patients healthy and in need of less care, especially expensive hospitalizations and surgeries. The concept is known in health care circles as “population health management.” The consortium signed up 12 employers as customers—half of which were among the hospitals that formed the consortium. Those hospitals included the 22 operated by St. Vincent, eight operated by Community and six that are part of the Suburban Health Organization. But the hospitals found that changes in the marketplace were happening at a faster pace than they anticipated—making it difficult to coordinate responses fast enough.
Endocyte Inc. stock plunged more than 60 percent Friday after the drug it’s developing with Merck & Co. backing failed to help patients in an ovarian cancer trial. The news could be particularly bad for the West Lafayette-based company, which has no other marketed products. According to Bloomberg News, the Phase 3 study was stopped after an analysis showed that vintafolide didn’t demonstrate efficiency when treating patients with platinum-resistant ovarian cancer, the companies said in a statement Friday. Just over a month ago, Endocyte was being mentioned as a possible premium takeover target after it reported that vintafolide slowed progression of lung cancer and won European backing to treat ovarian cancer. Endocyte said it will continue to test vintafolide for lung cancer, with late-stage data possible toward the end of the year. Endocyte has 70 employees in West Lafayette and 25 in Indianapolis. An Endocyte spokeswoman declined to say whether Endocyte expects to trim its work force as a result of the setback with vintafolide.
Health information technology firm hc1.com promised to nearly triple its Indiana work force over the next five years, adding 175 jobs by 2019. Hc1.com currently employs 93 people, mostly in Indiana. The company makes software that helps medical labs, radiologists and other medical offices manage patient records, bills and other data critical to managing their operations. Hc1.com will invest $2.5 million to lease and renovate 9,466 square feet to expand its existing 16,626-square-foot headquarters in Northwest Technology Park at 96th Street and Zionsville Road. The firm has quietly raised more than $14 million from investors. CEO Brad Bostic told IBJ last year that hc1.com was on track to double its $10 million in annual sales. The Indiana Economic Development Corp. offered hc1.com Inc. up to $3 million in tax credits and up to $100,000 in training grants based on the company’s job-creation plans. The credits are performance-based, meaning the company only receives them once Hoosiers are hired. Boone County is contributing $50,000.
A group of prominent corporate executives has created a new organization to find ways to reduce obesity among central Indiana children. Jump IN for Healthy Kids has a budget of $1.5 million and hired Indianapolis attorney Ron Gifford to spearhead the effort. Jump IN was founded by 17 local executives, including Eli Lilly and Co. CEO John Lechleiter, Roche Diagnostics Corp. CEO Jack Phillips, Anthem Indiana President Rob Hillman, Indiana Pacers President Jim Morris, IUPUI Chancellor Charles Bantz, Indianapolis Star Publisher Karen Crotchfelt, Lilly Endowment CEO Clay Robbins, United Way of Central Indiana CEO Ann Murtlow, YMCA of Greater Indianapolis CEO Eric Ellsworth, and the CEOs of the major hospital systems in Indianapolis. The group hopes to identify successful efforts to improve diet, activity and healthy choices among children and their families—both around Indianapolis and around the country—and then work to replicate or adapt those efforts to reach more people in the metro area. Jump IN hopes to work with schools, churches, employers, medical providers, grocery stores, neighborhood associations and individual families.
WellPoint Inc.’s first-quarter medical enrollment rose 1.3 million from the prior three-month period as WellPoint benefited from new customers through the Obamacare exchanges. According to Bloomberg News, WellPoint has the highest share of enrollments of insurers through Obamacare, with 400,000 on government exchanges through Feb. 14. Those customers also are younger than anticipated, making the company’s prediction of “double-digit” rate increases next year less likely. WellPoint said it now expects 600,000 enrollments through the public exchanges this year. WellPoint's profit swooned in the first quarter, but less than analysts expected. It earned $701 million, down 21 percent from a year earlier. Excluding investment gains and one-time charges, those profits translated into earnings per share of $2.30, down from $2.94 a year ago. But Wall Street analysts expected profit to dip as low as $2.13 per share, according to a survey by Thomson Reuters. For all of 2014, WellPoint now expects to earn more than $8.40 per share, up from a forecast of more than $8.20 it issued in March, and a forecast of $8 it issued in January.
Election key step in town’s change into city
An Indianapolis suburb will begin the transition from the town to city this Tuesday, as voters in Fishers vote in its first municipal primary election.
A silver lining for Endocyte
The news this morning couldn’t have been worse for Endocyte Inc. But if it had to come, the timing couldn’t have been better–because it allowed Endocyte to raise a pile of cash to spend on the other drugs in its pipeline.
Interactive claims top MIRA Award for second straight year
The top honor at the Mira Awards on Saturday night went to software firm Interactive Intelligence, while academia made waves in other categories at the annual technology-sector event.
Endocyte shares plunge 60 percent after drug trial is stopped
Endocyte Inc.’s stock fell more than 60 percent in early trading Friday after the drug it’s developing with Merck & Co.’s backing failed to help patients in a trial for ovarian cancer.
Health IT firm hc1.com to add up to 175 Boone County jobs
The company said it will invest $2.5 million to lease and renovate an additional 9,466 square feet to expand its current 16,626-square-foot headquarters at Northwest Technology Park.
LEE: A path toward better health care
Lost in all the rhetoric about the Affordable Care Act—website glitches, recriminations and cries for “repeal and replace”—it’s easy to forget the near-universal agreement that today’s health care environment is fragmented and inefficient.
MORRIS: Your vote counts this primary season
Not sure about races and who’s running? Here’s where you can find what you need to know.
Drug prices surge as generics, niche treatments eat profit
Since 2007, the cost of brand-name medicines has jumped, with prices doubling for dozens of established drugs that target everything from multiple sclerosis to cancer, blood pressure and even erections, according to an analysis conducted for Bloomberg News.
Lilly trade-secret defendants released to home detention
The court noted that after the government filed a second indictment March 12, the trade-secret theft claims against Guoqing Cao and Shuyu Li were changed to wire fraud, and aiding and abetting and conspiracy to commit wire fraud.
Company news
When John Lechleiter was named CEO of Eli Lilly and Co. in late 2007, the Indianapolis-based drugmaker derived just 5 percent of its annual revenue from its Elanco Animal Health subsidiary. But next year, after Lilly completes its $5.4 billion acquisition of Novartis Animal Health, Elanco will contribute 17 percent of revenue—or one out of every six dollars flowing into Lilly’s coffers. It’s been a swift transformation for Greenfield-based Elanco. In the mid-2000s, Lilly employees often tried to avoid or leave posts at Elanco because its future was in doubt. “Five years ago, people said, ‘Don’t go to Elanco because they’re going to get sold,’” Elanco President Jeff Simmons said in a 2010 interview. But the 2007 decision by Lechleiter and the Lilly board to invest in Elanco turned things around. Elanco now employs 3,500 worldwide, up from 2,500 a few years ago. Elanco’s revenue has shot up from $996 million in 2007 to $2.2 billion last year—growth of 120 percent, which is three times faster than the rest of the animal health industry. Of that growth, 60 percent has come organically, as Elanco aggressively pushed its products into foreign markets to complement its strong presence in the United States. The other 40 percent has come via acquisitions. The Novartis deal, expected to close in early 2015, will be Elanco’s eighth purchase in as many years.
Two Warsaw-based orthopedic implant companies agreed to merge last week in a $13.4 billion deal. Zimmer Holdings Inc. will acquire Biomet Inc., whose private equity owners had planned to stage a public stock offering this year. Biomet posted $3.1 billion in revenue in 2013, up from $2.8 billion in 2012, according to IBJ research. It employs 9,000 people worldwide. Zimmer reported $4.6 billion in revenue in 2013. It has about 9,500 employees. “This will give Zimmer some leverage when they go to hospitals, and help them compete,” said Jason McGorman, an analyst at Bloomberg Industries in Princeton, N.J., according to a report by Bloomberg News. Also, “they get a little more in terms of products in other areas, like sports medicine, extremities and trauma, where Zimmer has less exposure.” Zimmer will pay $10.4 billion in cash and issue shares of its common stock valued at $3 billion to Biomet Inc.'s equity holders.
Eli Lilly and Co.’s drug ramucirumab won approval from U.S. regulators to be sold under the brand name Cyramza as a treatment for gastric cancer. According to Bloomberg News, analysts expect the drug could bring in annual sales of more than $1 billion. Lilly is trying to launch new cancer and diabetes drugs to offset the loss of revenue from the anti-depressant Cymbalta, which saw its U.S. patent expire in December. Lilly obtained the drug Cyramza in its acquisition of ImClone Systems Inc. in 2008. Lilly is also studying the drug in lung, liver and colorectal cancers.
Dow AgroSciences LLC reported record sales of $2.1 billion in the first quarter, an increase of 1 percent over last year's first period, the Indianapolis-based company reported April 23. The subsidiary of Midland, Mich.-based Dow Chemical Co. also reported record earnings before interest, taxes, depreciation and amortization, or EBITDA, of $529 million, up 9 percent from a year ago. Dow Agro said higher sales and lower expenses boosted profit. Sales of crop-protection products grew 4 percent overall in the quarter, mainly due to gains in foreign markets. Sales of new crop-protection products rose 28 percent. Sales of seeds and seed traits fell 7 percent in the quarter, partly due to the late planting season in the United States.
Life Sciences Power Breakfast transcript
Indianapolis Business Journal gathered leaders in Indiana’s life sciences industry for a Power Breakfast panel discussion April 24. Among other topics, the panelists discussed whether Obamacare helps or hurts companies in the industry, the biggest barrier to life sciences startups, and how rising activity among angel investors has changed the life sciences landscape.
Think Obamacare will help hospitals? Think again
The typical hospital around the country will see its profits wiped out entirely by the changes coming from health reform and the aging of the population. But in Indianapolis, the hits will be cushioned by this region's fatter commercial reimbursements.
NRA seeks universal gun law at national meeting
The nation’s largest gun-rights group, which officially opens its convention of about 70,000 people Friday in Indianapolis, wants Congress to require that concealed weapons permits issued in one state be recognized everywhere, even when the local requirements differ.
LOU’S VIEWS: Harry Potter star leads a Broadway stunner—plus more from NY stages
Reviews of “The Realistic Joneses,” “A Gentleman’s Guide to Love and Murder,” “Les Miserables,” and “Violet.”
Noblesville’s Grace Church extending its reach to Fishers
After two false starts, Noblesville-based Grace Church is working on a deal to buy land for a satellite campus in Fishers.