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Residential

The average rate for 30-year mortgages rose from 3.86 percent to 3.91 percent in the week ended Aug. 22, according to Bankrate.com. The rate for 15-year mortgages rose from 3.05 percent to 3.12 percent.

Sales/acquisitions

-PP Indy 5 LLC bought the 252-unit LaCasa Apartments at 1368 N. Arlington Ave.  The property was listed for $2.25 million. The purchase price was not disclosed. The buyer and seller, GRE A/B LLC, were represented by Michael Wernke of Marcus & Millichap in Indianapolis and Jake Steele and Andy Glinksi of Marcus & Millichap’s Denver office.

-The ELK Family Trust bought the 23,627-square-foot Tractor Supply Co. building on 4.88 acres at 8135 Brookville Road. The property was listed for $3.7 million. The purchase price wasn’t disclosed. The buyer was represented by Michael Wernke of Marcus & Millichap. The seller, Spencer Family Trust, was represented by Len Jarrott of Jarrott & Co.

-Clover Creek Commons LLC bought the 14,000-square-foot Clover Creek Commons retail center at 17160 Dragon Fly Drive, Noblesville. The seller, The National Bank of Indianapolis, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar. The buyer, a development company, represented itself.

-8510 LLC bought an 18,000-square-foot building at 8510 Pendleton Pike. The buyer was represented by Matthew Broderick of Acorn Group. The seller, H&B Industries, was represented by Brian Buschuk and Jake Sturman of Jones Lang LaSalle.

Does Lilly have enough on Alzheimer’s drug?

After Eli Lilly and Co. found a “glimmer of hope” in its test of its experimental Alzheimer’s drug, doctors and stock analysts generally concluded the company needs to conduct another long clinical trial to prove the drug’s effect. But one stock analyst thinks Lilly already has what it needs to ask for approval for its drug.

Company news

Angry shareholders of WellPoint Inc. are searching out and suggesting replacements for WellPoint CEO Angela Braly, according to analysts interviewed by IBJ and Bloomberg News. Sheryl Skolnick, a health care analyst at CRT Capital Group in Connecticut, and Jason Gurda, a Leerink Swann & Co. analyst in New York, said investors have suggested James G. Carlson, the chief of Amerigroup Corp., as Braly’s replacement. Gurda also said investors have suggested David B. Snow Jr., the former chief of Medco Health Solutions Inc., as a candidate. Indianapolis-based WellPoint is buying Amerigroup, a rival insurer, for $4.9 billion. Medco was recently acquired for $29.1 billion in April by Express Scripts Holding Co., a fellow drug-benefits manager. While neither man has publicly expressed interest in the job, and WellPoint’s board has expressed confidence in Braly, that hasn’t stopped the speculation, Gurda said. Other names raised by investors include Gail Boudreaux, head of the health plan division at UnitedHealth Group Inc., the biggest U.S. medical insurer, and Kenneth Goulet, WellPoint’s executive vice president, said Thomas Carroll, a Stifel Nicolaus & Co. analyst in Baltimore.

Eli Lilly and Co. won a U.S. appeals court ruling that upholds the validity of a patent for the lung-cancer drug Alimta and blocks generic competition through 2017. The U.S. Court of Appeals for the Federal Circuit on Aug. 24 rejected arguments by Teva Pharmaceutical Industries Ltd. that the patent was invalid. It affirmed a lower court ruling. The decision was posted on the court’s website. Alimta, whose chemical name is pemetrexed, generated $2.5 billion in sales last year for Indianapolis-based Lilly, making it the company’s third-biggest-selling drug. Alimta is designed to hamper cancer cells’ ability to use folic acid to grow after an initial treatment with other drugs. Israel-based Teva had argued that Lilly had patented a compound that wasn’t much different from what was covered by two earlier patents. The three-judge panel said the lower court was correct to rule that the 2017 patent is distinct from the earlier inventions.

The U.S. Food and Drug Administration has identified a southern Indiana farm that produced cantaloupes linked to a deadly salmonella outbreak and says the operation has recalled its melons, according to the Associated Press. Chamberlain Farms of Owensville could be one source of contaminated fruit in the multistate outbreak that has infected 178 people, hospitalized 62 and killed two, the FDA said in an Aug. 22 statement. Attorney John Broadhead said Chamberlain Farms voluntarily withdrew its cantaloupes last week and that all its retail and wholesale purchasers complied with the recall. The farm about 20 miles north of Evansville sold cantaloupes to grocery stores in four southwestern Indiana counties and one in southeastern Illinois, Broadhead said in a prepared statement. The fruit was also sold to wholesale purchasers in St. Louis; Owensboro, Ky.; Peru, Ill.; and Durant, Iowa. Neither the FDA nor the farm gave any information about what might have caused the contamination.
 

People

Community Physician Network, an arm of Indianapolis-based hospital system Community Health Network, recently hired five physicians. Dr. Anna Edwards, a family practice physician, received her medical training at Indiana University School of Medicine. Dr. Melissa Holt, an obstetrician/gynecologist, received her medical training at State University of New York’s Upstate Medical University in Syracuse, N.Y. Dr. Michael Nader, a family medicine physician, received his medical degree from Kansas City University of Medicine and Biosciences. Dr. Sara Pierce, an OB/GYN physician, received her medical degree from IU medical school. Dr. Derrick Walker, a family physician, completed his medical degree at Cornell Medical College in New York.

Fairbanks, the Indianapolis-based hospital for drug and alcohol addicts, named hospital executive Mark Monson as CEO. He will replace the retiring Helene Cross on Aug. 31. Monson serves as chief operating officer of Beaver Dam Community Hospitals in Wisconsin. Before that, he served as vice president of clinical services operations for Grossmont Hospital in La Mesa, Calif. He began his career in 1980 as a substance abuse counselor. Monson earned a bachelor’s in psychology from the University of Minnesota and a master’s in addiction studies from the University of Arizona.

St. Vincent Medical Group named Dr. Bruce Bethancourt as chief medical officer for the multi-specialty physician group of primary care and specialty health providers. Bethancourt comes to St. Vincent from Arizona-based Banner Medical Group, where he served as chief medical officer of the 650-physician practice. Bethancourt received his medical degree from the University of Arizona College of Medicine.

Dr. Rodney Benner has joined the staff of The Shelbourne Knee Center. The center has two other orthopedic specialists, Dr. Donald Shelbourne and Dr. Scott Urch. Benner did his medical training at IU medical school.
 

Police search for armed CVS robber

Plainfield police are searching for a man who robbed a CVS pharmacy at gunpoint early Saturday. An employee at the store at 1700 E. Main St. told police the suspect pointed a gun at two clerks, then ordered the pharmacist to open a safe. The man filled the bag with prescription drugs and fled the store. Police said a customer witnessed the incident and attempted to run after the suspect. The suspect fired two shots toward the customer that missed, but dropped his bag during the shooting. All stolen property was recovered.
 

Man shot to death on east side

A man was shot to death on the east side of Indianapolis early Sunday evening. Police found the victim in the 3800 block of East Michigan Street, at Sherman Drive, just after 7 p.m. with a gunshot wound to the head. Police did not immediately release the victim’s name or age.
 

Fire wipes out Butler-Tarkington houses

A fire destroyed three vacant homes early Monday morning. It took Indianapolis firefighters more than an hour to battle the blaze, which broke out about 11:30 p.m. Sunday in the 4100 block of Rookwood Avenue in the Butler-Tarkington neighborhood. Three firefighters were slightly injured, with one requiring treatment at the hospital for an ankle sprain. The cause of the fire is under investigation.
 

Subsidies might hang in the balance of state’s exchange decision

There’s more than political philosophy at stake as Indiana’s candidates for governor wrestle over whether the state should start its own health insurance exchange. There’s potentially a lot of money for low- and moderate-income Hoosiers at stake, too.

WISH-TV fires news director, industry sources say

Several industry sources say Patti McGettigan was escorted from the WISH-TV Channel 8 building Friday after a three-year run as the local CBS affiliate's news director. The station isn't commenting on what led to her abrupt departure.

Utilities to get bill for damaged grid-control room

A Carmel not-for-profit that monitors the electric grid in 11 states and part of Canada plans to pass on to its member utilities and transmission-line operators $5.4 million in costs resulting from damage to its local data center last September.

Social issues coming to fore in Indiana politics

Candidates for Indiana's open U.S. Senate seat and the governor's office have largely avoided talk of social issues this election season. But the national firestorm over Missouri Republican Todd Aikin's comments have nudged the topic back to center stage.

State officials crack down on unemployment fraud

The Indiana Department of Workforce Development has caught more than 135 people falsely claiming benefits since 2006. Sixty-two of those have been convicted of felonies, including 14 this year.

Potential for Simon-General Growth deal appears to dim

General Growth Properties' largest shareholder said it won’t pursue a takeover of the company and has no interest in unloading its stake after investor Bill Ackman urged the mall owner to consider a sale.