Hospitals’ finances improve somewhat in 2010
It was a good but not great year financially for three of the four largest hospital systems operating in the Indianapolis area last year—and hospital analysts are expecting several head winds to continue.
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Articles
Carmel arts center reaches out to young professionals
The Center for the Performing Arts is launching its own young professionals networking group called “The Scene.”
HOWEY: The beaten path between Indiana and Japan
What has become clear to me … is how important our Japanese friends and partners are to the 21st century Indiana experience.
Growth funding drying up in Indianapolis
A key financial stepping stone for Indianapolis-area startups is dwindling, with no significant replacement on the horizon.
Altum’s staying put at current west Carmel location
The nursery on Michigan Road had planned to move to a smaller piece of land about four miles north, but hasn’t found a buyer. Kroger nixed a deal to buy its property last fall.
IT firm sets up shop in Carmel, plans to hire 100
Tech firm Intact Integrated Services has moved its North American headquarters to Carmel, where it plans to add as many as 100 jobs by 2015, state economic development officials announced Wednesday morning.
Company news
Zimmer Holdings Inc. and Biomet Inc., both based in Warsaw, are among the bidders for AstraZeneca Plc’s Astra Tech, a Swedish unit that makes dental implants and medical devices, reported Bloomberg, citing two people with direct knowledge of the matter. Astra Tech may sell for $1.8 billion to $2.1 billion, according to a research note by analysts at Sanford C. Bernstein. Astra Tech, which also makes medical devices for urology and surgery, had sales last year of $535 million. It employs 2,200 and operates in 16 markets. Separately, Zimmer won a $13.5 million contract to sell orthopedic implants to the U.S. Department of Defense. The new contract is guaranteed for one year, with the possibility of four one-year renewals.
Elanco, the animal health unit of Indianapolis-based Eli Lilly and Co., which this month agreed to acquire Johnson & Johnson’s European animal health unit, also had its eyes on another target, according to a Reuters report. A now-abandoned joint venture between the animal health businesses of New Jersey-based Merck & Co. Inc. and France-based Sanofi-Aventis SA anticipated selling off some assets for roughly $1 billion, according to unnamed sources cited by Reuters. The news agency reported that Elanco paid roughly $300 million to Johnson & Johnson, in order to acquire 50 animal health medicines sold under the name Janssen Animal Health. Elanco is the world’s fourth-largest animal health company, with $1.4 billion in annual revenue.
How’s this for financing drug development? Even though it hadn’t brought a single product even close to the market, Carmel-based Marcadia Biotech Inc. was sitting on $37 million in cash when it agreed to sell itself in December to Switzerland-based Roche. The money piled up not from venture capitalists but through Marcadia’s research partnerships with large pharmaceutical companies, primarily with New Jersey-based Merck & Co. Inc. “Our venture-capital firms were going crazy. They never had a company that had to pay taxes,” said Fritz French, former CEO of the 11-person firm, which had attracted $15 million from investors early in its existence. French and his management team sold Marcadia for $287 million, with the possibility of reaping $250 million more if one of Marcadia’s experimental diabetes drugs makes it to market.
Elkhart General Healthcare System and Memorial Hospital and Health System of South Bend have agreed to merge. The two hospitals signed a memorandum of understanding to develop a parent organization that will operate both systems. Memorial CEO Phil Newbold will lead the combined organization. According to Newbold, the affiliation will attract more physicians to engage with the new system and help direct its future. “Together, Elkhart General and Memorial will have more than 700 highly skilled, well-trained physicians on staff. This shared medical expertise will enable us to attract even more specialized professionals to the area and produce the region’s highest quality of care,” Newbold said. Memorial Hospital boasts 526 beds. Elkhart General has 325 beds.
Marcadia Biotech principals ponder next course
Marcadia execs French, Hawryluk reflect on massive growth of Carmel firm after sale to Roche.
Leases/leasing contracts
-Wolters Kluwer Health Inc. leased 26,977 square feet of office space at 8425 Woodfield Crossing. The tenant was represented by Mark Friedman of Colliers International. The landlord, Cassidy Turley Midwest Inc., was represented by Darrin Boyd and Dave Moore of Cassidy Turley.
-Virtual Marketing Strategies Inc. leased 20,578 square feet of office space at 8425 Woodfield Crossing. The tenant was represented by Matt Langfeldt of Summit Realty Group. The landlord, Cassidy Turley Midwest Inc., was represented by Darrin Boyd and Dave Moore of Cassidy Turley.
-Durkin & Villalta Partners Engineering Inc. leased 6,180 square feet of office space at 8440 Woodfield Crossing Blvd. The landlord, Cassidy Turley Midwest Inc., was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.
-Stephenson Morow & Semler leased 5,903 square feet of office space at 3077 E. 98th St. The tenant was represented by Chris Carmen of Carmen Commercial Real Estate. The landlord, BREOF Keystone REO LLC, was represented by Dave Moore and Darrin Boyd of Cassidy Turley.-Mark Pi’s China Gate leased 3,107 square feet at Hamilton Crossing Centre, 12297 N. Meridian St., Carmel. The tenant was represented by Frank Swiss of Swissco Real Estate LLC. The landlord, KRG Hamilton Crossing LLC, was represented by Andrew Hasbrook of Kite Realty Group.
-Low T Centre leased 2,275 square feet of space from Sycamore Springs Office Park, 4735 Statesman Drive, Suite B/C. The tenant was represented by Kelli Dugan of Newmark Knight Frank Halakar. The landlord, MSE Realty LLC, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar.
-Verizon Wireless leased 2,271 square feet in Traders Point, Interstate 465 and West 86th Street. The tenant was represented by Jamison Downs of Dorsand Management Co. The landlord, Kite West 86th Street LLC, was represented by Blake Beaver of Kite Realty Group.
-R. Lynda Designs leased 2,247 square feet in Traders Point, Interstate 465 and West 86th Street. The tenant was represented by Keith Fried of Sitehawk Retail Real Estate Services. The landlord, Kite West 86th Street LLC, was represented by Blake Beaver of Kite Realty Group.
-Larry Webb State Farm Agency leased 1,600 square feet at Kirby Park, 250 West Carmel Drive, Carmel. The tenant was represented by Sharon Thompson of Keller Williams Commercial. The landlord, Kirby Park, was represented by John Kirby of Kirby Real Estate.
-WealthPoint Advisors LLC leased 1,450 square feet at Woodland Center II, 8335 Allison Pointe Trail. The tenant was represented by Debbie Shumate Johnson of Alliance Commercial Real Estate. The landlord, TIC Properties Management LLC, was represented by Bryan Miller of Cassidy Turley.
-Liberty Tax Service leased 1,250 square feet of office space in South Greenwood Shoppes, 6001 N. U.S. 31, Whiteland. The tenant and landlord, HRCP Inc., were represented by Cathy Richards of Lee & Associates.
-DAST Consulting LLC leased 1,059 square feet of office space at 5455 W. 86th St. The landlord, Polaris Commercial investments LLC, was represented by Scott H. Lindenberg of Echelon Realty Advisors. The tenant represented itself.
-Retirement Resources Inc. leased 859 square feet of office space at 5455 W. 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Scott H. Lindenberg of Echelon Realty Advisors. The tenant represented itself.
Ex-Carmel policeman to appeal firing
A former Carmel police officer is appealing the police merit board’s decision to terminate him over claims he abused his power and disobeyed orders. Greg Park claims he was unjustly retaliated against after he came forward with concerns that the department was guilty of racial profiling. At the merit board meeting in February, Carmel Police Chief Tim Green said Park showed a pattern of questionable behavior, including pulling over too many female drivers and driving to one young woman’s house to give her a warning for speeding.
Indiana senator returning cash from troubled financier
An Indiana state senator is returning campaign contributions from Timothy Durham, a former Indianapolis businessman charged with running a Ponzi scheme that defrauded investors of more than $200 million.
Borders closing another local bookstore
The Ann Arbor, Mich.-based bookstore chain, which filed for Chapter 11 bankruptcy reorganization last month, announced yesterday it would close the Border’s store in the Shops at River Crossing near the Fashion Mall.
Home builder Estridge promises to finish homes, fight on
Paul Estridge Jr. says he’s in talks with three investors who are interested in keeping his company in business.
SKARBECK: Japan’s rebuilding effort offers bargain opportunities
Economically, the next couple of quarters will be tough for Japanese citizens. But we wouldn’t bet against their resolve to rebuild their country.
LOU’S VIEWS: Indy Opera’s ‘Carmen’ shows upside of downsizing
When word went out that one of the three Indianapolis Opera presentations this season would be a production of “Carmen,” sans chorus, sans full orchestra, sans biggie-size sets, and sans Clowes Hall stage, it was perfectly understandable that some patrons may have lowered their expectations.
Feinstein works Carmel’s Palladium into national program
PBS film crews will be at the Palladium May 12 for “Michael Feinstein: The Sinatra Project.
Records
Announcements United Way of Central Indiana added its name to the list of those supporting the Indiana Compact, a statement of principles for immigration policy reform. The Indiana Compact advocates five principles should guide policy solutions around immigration reform: • federal solutions – urge Indiana’s Congressional delegation to address this federal policy issue. • law enforcement – respect the […]