Toyota plugs into metro area for electric vehicle-charging pilot program
Leaders hope effort draws more automotive R&D to state
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Former Durham exec ordered to pay $30,000
Former Obsidian Enterprises Inc. President Terry Whitesell will pay the amount as part of a settlement agreement. A bankruptcy trustee representing investors of Fair Finance Co., owned by convicted financier Tim Durham, had sought more than $225,000 from Whitesell.
Panel mulls making IPFW an independent university
State Sen. Dennis Kruse says Purdue's leaders concentrate on the West Lafayette campus and treat IPFW as an afterthought. He said the independent school might be called Fort Wayne University.
Company news
North Carolina-based Quintiles, a contract researcher for drug companies, will lease 12,000 square feet in the Pan Am building for the next five years in a move to get closer to Eli Lilly and Co., one of its major clients. The office, which initially will employ 50 people, is a collaborative project of the two companies, Quintiles spokesman Phil Bridges told the Triangle Business Journal. “The goal of the collaboration has been to develop an integrated approach to optimizing how [human drug] trials are conducted, eliminate costly inefficiencies and use ‘big data’ to drive better drug development decisions,” Bridges said. The office could employ as many as 65 by the end of the year.
Here’s one way to win over skeptical locals in your hometown market: spend $1 million. Indianapolis-based hospital system Indiana University Health, which took that name last year after being called Clarian, will give $1 million to Purdue University to help build a facility that will, in part, house a satellite campus of the IU School of Medicine. IU Health was formed in 1996 by a partnership between the IU medical school and Indianapolis’ Methodist Hospital. IU Health operates one of its hospitals, IU Health Arnett, in the back yard of Purdue’s main campus in West Lafayette. When they made the name change, IU Health executives acknowledged it might present challenges in Lafayette, but they said market research showed the name still was preferred to the vanilla Clarian.
The recent sale of a California-based medical device company sent some money back to Indiana. MindFrame Inc. was acquired for $75 million by Massachusetts-based Covidien Inc. That produced an undisclosed return for Indianapolis-based CHV Capital, the venture capital arm of the Indiana University Health hospital system as well as SV Life Sciences, a Boston-based venture capital firm that has received funds from the $58 million INext Fund raised by Indianapolis-based life sciences development group BioCrossroads. MindFrame develops devices for minimally invasive removal of blood clots from stroke patients. In addition to the cash from Indiana, the company also received technical help from students at Rose-Hulman Institute of Technology in Terre Haute and some consulting advice from participants in the Indiana Clinical and Translational Sciences Institute. “Our relationship with CHV Capital and IU Health became an important element of creating value in the business and was a natural extension of our fund-of-fund relationship with BioCrossroads and INext,” said David Milne, managing director of SV Life Sciences.
A new Last Resort for downtown Indy dining
The privately held casual dining chain Dick's Last Resort plans to open along Maryland Street just west of Illinois Street.
WellPoint competitor Aetna to buy Coventry for $5.6B
Aetna joins rivals WellPoint Inc. and Cigna Corp. in making big acquisitions as the U.S. government expands medical coverage.
City’s convention agency changing to more ‘hip’ name
The Indianapolis Convention & Visitors Association is changing its name to Visit Indy and dramatically altering its logo to appeal to leisure travelers as well as meeting and convention planners.
A better sun?
In the [July 30] “On the Record” section, there was a story about Indianapolis Power & Light Co. awarding a 15-year contract to buy 30 megawatts of solar power from Sunrise Energy Ventures.
LOU’S VIEWS: Two fledgling arts companies take the stage
Initial productions by Indianapolis Urban Theater and Dance Company and Vagabonds’ Bridge Theatre Company inspire hope for the future.
BENNER: Big Ten football is on a roll—with a couple of exceptions
Excitement tempered by the probation of three of its most popular programs.
Colts face two golden opportunities to sell out season
If Andrew Luck and the Indianapolis Colts look good in the next two outings and there are still tickets left, that only means there are some pretty bad seats within Lucas Oil Stadium.
State schools chief’s mentor taught him to ruffle feathers to improve education
Superintendent of Public Instruction Tony Bennett credits retired education professor John Moody with inspiring much of the reform agenda he has pushed over the past four years.
RIVERA: On to the next huge sporting event
According to @IUBloomington, the Twitter account of my alma mater Indiana University, our alumni have won 50 gold medals throughout Olympic history.
STYRING: Daniels could turn the tide at Purdue
Nearly everyone claims to have a strategic window into Mitch Daniels’ head. In truth, no one, including me, knows his plans for Purdue University when he assumes the presidency. Perhaps he, himself, isn’t entirely certain at this point.
LEADING QUESTIONS: Music promoters grow gig schedule
In four years since begging indie acts to hit Indianapolis, MOKB Presents has become a ubiquitous name on the city's marquees. The concert-promoting duo expects to have a hand in 150 shows this year, a 50-percent increase from 2011.Playoffs?! CIB predicts Colts won’t host postseason game
The city entity that owns Lucas Oil Stadium, where the Colts play their home games, budgeted $1 million less in admission-tax revenue for 2013 for one reason: The board does not expect the Colts to host any playoff games.
MainGate inks 3-year merchandise deal with Lucas Oil
MainGate has developed the LucasOilGear.com website to sell apparel and novelties, including T-shirts and outerwear featuring the Lucas Oil Stadium, Lucas Oil and Lucas Oil Racing Series brands.
Colts nearing season sellout, DeltaWing wants in IndyCar
In this new video segment on The Score, IBJ sports reporter Anthony Schoettle offers insight and analysis on the latest happenings with the Indianapolis Colts and IndyCar Series.
People
The School of Science at IUPUI hired Nigel Richards as chairman of the department of chemistry and chemical biology. Richards, who previously worked for 21 years at the University of Florida, specializes in the study of enzymes. Richards earned his doctorate in organic chemistry from Cambridge University in 1984.
Andrew Rosenberg has been appointed to lead Mercer’s Health & Benefits business in Indianapolis. Rosenberg joined Mercer in 2006. He holds an MBA from the Indiana University Kelley School of Business and a bachelor’s degree in management from Anderson University.
Indiana University Health named Bill McConnell its chief information officer. Most recently, McConnell was CEO of an Indianapolis startup, FlowCo Inc. Before that, he was a senior vice president of Boston Scientific Cardiac Rhythm Management in St. Paul, Minn., and before that the CIO for Indianapolis-based Guidant Corp. McConnell also worked as a managing partner for Arthur Andersen in Indianapolis.
Company news
WellPoint Inc. director Lenox Baker said there is no move on the company’s board to oust CEO Angela Braly even after an institutional investor said last week she needs to go. “Angela, I think, has done a great job,” Baker, a retired cardiac surgeon, told Bloomberg News. “Quite frankly, I think some of this stuff with the company is coming from Wall Street. I’m much more looking to the future.” WellPoint, the second-biggest U.S. health insurer, reported earnings last month that missed analyst estimates, said it would lose 900,000 members, and reduced its 2012 forecast. Those announcements prompted Leon Cooperman, whose hedge fund Omega Advisors owns 2.1 million WellPoint shares, to tell Bloomberg: “There’s a universal view that the CEO is the wrong CEO to lead the business.” Since Braly became chairwoman of WellPoint in 2010, the company’s stock price has fallen 8.5 percent. During the same time, Minnesota-based UnitedHealth Group has seen its stock rise 53 percent. The results “put an exclamation point on the differences between United and WellPoint,” Carl McDonald, a Citigroup analyst in New York, wrote in a note to clients. “Time may be running out for WellPoint’s management team.”
Eli Lilly and Co. will receive more than $1.2 billion in early payments from its former drug development partner Amylin Pharmaceuticals Inc. The payments come after Lilly competitor Bristol-Myers Squibb Co. finished its $5 billion acquisition of Amylin. Indianapolis-based Lilly partnered with California-based Amylin to launch the diabetes drugs Byetta and Bydureon. But a dispute arose between the two companies after Lilly launched another diabetes drug, Tradjenta, in partnership with Germany-based Boehringer Ingelheim GmbH. Lilly intends to use the Amylin payments to pay development costs of new drugs it hopes to bring to market.
Dr. Craig Brater will retire in June next year as dean of the Indiana University School of Medicine, he announced Wednesday, and the school has formed a committee to find his replacement. Brater, 66, has worked at the Indianapolis-based school for 26 years, including the past 12 as dean. The school is the second-largest medical school in the nation and the only one in Indiana. Brater oversees a massive operation that includes a main campus in Indianapolis and eight satellite campuses throughout the state. The medical school had a budget of nearly $426 million in the last school year, up 30 percent over the past five years. It employs 1,900 professors who oversee a total student body of 1,880 and also serves doctors at five hospitals in Indianapolis, including Wishard Memorial Hospital, the Roudebush Veterans Affairs Medical Center, and IU Health’s University Hospital and Riley Hospital for Children. Brater is a native of Oak Ridge, Tenn. He attended undergraduate and medical school at Duke University. Before IU, he was part of the faculty at the University of California at San Francisco and worked for the University of Texas Southwestern Medical Center.