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Older Hoosiers dominate health care sign-ups

The ranks of Indiana and U.S. residents who have selected health insurance plans through a federally run online exchange are dominated by the oldest, and costliest, age groups.

Company news

Positive results from a Phase 2 trial in patients convinced Indianapolis-based Eli Lilly and Co. to reacquire an experimental migraine medicine, which goes by the name LY2951742. Lilly aims to conduct a Phase 3 trial, the last stage of testing before it can submit the drug for market approval. The drug was licensed from Lilly in 2011 by Massachusetts-based Arteaus Therapeutics, a company formed at the same time by venture capital firms OrbiMed and Atlas Venture. Lilly did not disclose the financial terms of its deal with Arteaus. However, Lilly will record a fourth-quarter charge of $57.1 million to reflect the reacquisition costs and Lilly’s assumption of ongoing development expenses of the drug. The drug is one of nine experimental drugs Lilly has licensed to outside firms as a way to share the risk of research and development costs. Lilly calls the risk-sharing arrangement with venture capital firms its Capital Funds Portfolio. The migraine medicine is the first one Lilly has reacquired from a participating venture-backed company.

Eli Lilly and Co. needs new drugs to patch a larger-than-expected hole in its revenue. On Jan. 7, the Indianapolis-based drugmaker revised its 2014 revenue forecast. Instead of its longstanding prediction of $20 billion in revenue, Lilly now expects to bring in between $19.2 billion and $19.8 billion. Wall Street analysts expected $19.6 billion, according to 17 estimates compiled by Bloomberg News. Revenue is falling at Lilly after its U.S. patents on antidepressant Cymbalta expired in December. Cymbalta generated $4.99 billion in 2012, but analysts expect its sales to plummet to $1.43 billion this year, according to Bloomberg. Also in March, Lilly will lose patent protection on its osteoporosis drug Evista. Analysts expect Evista sales to drop to $498.6 million this year from nearly $1 billion annually before. Lilly expects its 2014 profit to range between $2.77 and $2.85 per share. Analysts anticipated $2.78.

WellPoint Inc. plans to unwind one of the deals Angela Braly made late in her troubled tenure as CEO of the Indianapolis-based health insurer. WellPoint agreed to sell online contact lens retailer 1-800-Contacts to Boston-based private equity firm Thomas H. Lee Partners LP. WellPoint will also sell Glasses.com, a subsidiary of 1-800-Contacts, to Milan-based Luxottica Group SpA. WellPoint’s new CEO, Joe Swedish, said he wants to focus on its core insurance business. “As we prepare for the coming changes to the health-care system, we are focused on our core growth opportunities across both our commercial and government business segments,” Swedish said in the statement. “Proceeds from this transaction will support our continued capital deployment strategies.” WellPoint bought 1-800 Contacts from private equity firm Fenway Partners in June 2012 for about $900 million. The purchase added to investor anger against Braly. She left the company two months later.

The Indiana Family and Social Services Administration announced Friday it will add 3,400 people to the Healthy Indiana Plan, a health insurance program for low-income Hoosiers. That’s the number of Hoosiers who had been among the 50,000 on the program’s waiting list who reapplied and were deemed eligible. But state officials said they expect 20,000 Hoosiers to apply for HIP by the end of this year. The program, which had been running at about 40,000 participants, will have its enrollment capped this year at 45,000. Gov. Mike Pence is negotiating with the Obama administration to use HIP to expand coverage to all Hoosiers with incomes up to 138 percent of the federal poverty limit. For now, HIP participants cannot have incomes above the federal poverty limit, which is $11,490 per adult or $23,550 for a family of four.

Construction

-Capitol Construction has completed a 10,700-square-foot office build-out for Indiana Polyclinic at 201 W. Pennsylvania Parkway.

-Capitol Construction has completed a 4,900-square-foot office build-out for Watermark at 5975 Castle Creek Parkway.

Residential

The average rate for 30-year mortgages fell from 4.69 percent to 4.64 percent in the week ended Jan. 8, according to Bankrate.com. The rate for 15-year mortgages fell from 3.73 percent to 3.69 percent.

Leases/leasing contracts

-JD Byrider renewed and expanded its lease to 61,326 square feet at Hamilton Crossing I, 12722-12802 Hamilton Crossing, Carmel. The tenant was represented by Brian Askins of Summit Realty Group. The landlord, Duke Realty Corp., was represented by Duke's Traci Kapsalis.

-First Databank renewed its lease for 27,345 square feet in Four Parkwood, 500 E. 96th St. The tenant was represented by Tom Hadley of Summit Realty Group. The landlord, Duke Realty Corp., was represented by Duke's Traci Kapsalis.

-Cohen Garelick & Glazier Professional Corp. leased 12,268 square feet at 8888 Keystone Crossing.  The tenant was represented by Tim Hull of CBRE. The landlord, Philadelphia-based Equus Capital Partners Ltd., was represented by John R. Robinson and Abby Cooper Zito of Jones Lang LaSalle.   

-Community Health Networks Physical Therapy and Rehabilitation renewed its lease for 9,200 square feet at Hillsdale Business Park, Hillsdale Court and North Shadeland Avenue. The tenant was represented by Rob Lukemeyer of Baseline Commercial Real Estate. The landlord, Hillsdale Property Owner LLC, was represented by Brian Buschuk, Kevin Gillihan and Jack Hogan of Jones Lang LaSalle.

-Messer Construction renewed its lease for 7,608 square feet at 6964 Hillsdale Court in the Hillsdale Business Park. The landlord, Hillsdale Property Owner LLC, was represented by Brian Buschuk, Kevin Gillihan and Jack Hogan of Jones Lang LaSalle. The tenant represented itself.

-Community Health Networks' Northeast Family Physicians renewed its lease for 7,038 square feet at 6910 Hillsdale Court in the Hillsdale Business Park. The tenant was represented by Rob Lukemeyer of Baseline Commercial Real Estate. The landlord, Hillsdale Property Owner LLC, was represented by Brian Buschuk, Kevin Gillihan and Jack Hogan of Jones Lang LaSalle.

-Cornerstone Associates renewed two leases totaling 8,892 square feet at 6967 Hillsdale Court in the Hillsdale Business Park. The landlord, Hillsdale Property Owner LLC, was represented by Brian Buschuk, Kevin Gillihan and Jack Hogan of Jones Lang LaSalle. The tenant represented itself.

-Independent Colleges of Indiana Inc. leased 4,712 square feet of office space at 30 S. Meridian St. The tenant was represented by Timothy Norton of Summit Realty Group. The landlord, Kite Realty Group, was represented by Mike Semler and John Crisp of Cassidy Turley.

-Moisture Management Services Co. LLC leased 4,080 square feet of industrial space at 9855 Crosspoint Blvd. The tenant was represented by Paul Dick and Kevin Dick of Colliers International. The landlord, Clarion Partners, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley.

-The Dermatology Center of Indiana leased 3,200 square feet of retail space at 6705 S. State Road 334, Zionsville. The tenant was represented by Jim Mount of Hokanson Companies. The landlord, Duke Realty Corp., was represented by Jacque Haynes and John Byrne of Cassidy Turley.

-Reach For Youth Inc. leased 2,034 square feet at 435 E. Main St., Greenwood. The tenant was represented by Yumi Goodman of Colliers International. The landlord, Randy Faulkner & Associates Inc., was represented by Bruce Richardson of My Agent Real Estate Services.

-Insphere Insurance Solutions leased 1,698 square feet of office space at 3500 DePauw Blvd. The landlord, Sterling American Property, was represented by Dave Moore, Bennett Williams and Darrin Boyd of Cassidy Turley. The tenant represented itself.

-RPM Machinery LLC leased 1,413 square feet of office space at 8910 Purdue Road. The tenant was represented by Spud Dick and John Crisp of Cassidy Turley. The landlord, Zeller Realty Group, represented itself.

Sales/acquisitions

-Lauth Communities/Lauth Group Inc. bought the 208-unit Bluestone Apartments at 50 N. Blue Road, Greenfield. The buyer and seller, Paragus, were represented by Tikijian Associates.

-NKR Enterprises bought a 48,620-square-foot industrial property at 365 S. Post Road. The buyer was represented by Michael Weishaar of Cassidy Turley. The seller, Medallion Metals LLC, was represented by Fritz Kauffman of Cassidy Turley.

-KLC Realty LLC bought a 7,000-square-foot retail building at 9310 N. Michigan Road. The buyer was represented by Greg Smith of Colliers International. The seller, GABC Holdings Inc., was represented by Nate Smith of Colliers International.

People

Dr. Safi Shahda has joined Eskenazi Health in the medical oncology outpatient clinic. He received his medical degree from Damascus University, Damascus, Syria.
 
Dr. Kristin Hoffmann has joined Eskenazi Health in the dermatology clinic. She earned a bachelor’s degree in neuroscience from Wellesley College and a medical degree from the Yale University School of Medicine.

Dr. Rachel Carr, an OBGYN physician, has joined Community Physician Network in Indianapolis. She earned her medical degree at the Indiana University School of Medicine.

Dr. Ryan Grimm, a pediatrician, has joined Community Physician Network in Greenwood. He completed his medical degree at the IU School of Medicine.

Key ExactTarget exec steps down

Tim Kopp, who was responsible for ExactTarget’s global marketing efforts during some of its most explosive growth, says he plans to take it easy and dabble in startups and not-for-profits.

Looks like both sides are wrong about Medicaid

New research shows that expanding Medicaid won’t save money, in spite of the claims of Obamacare supporters, but it will provide modest help to patients’ health and pocketbooks, in spite of conservative critics’ contention to the contrary.

Notre Dame mulling new apparel deal

As its current deal with Adidas expires, the university is poised to sign an apparel deal with Under Armour valued at $8 million to $10 million annually.

Lilly reacquires migraine medicine after encouraging results

Positive results from a Phase 2 trial in patients convinced Lilly to reacquire an experimental migraine medicine. Lilly recorded a charge of $57 million to reflect the purchase price and the costs of further development.

Indiana gold dealers operate under new rules

Indiana "cash for gold" dealers now must register with the secretary of state and local police as part of a new state law designed to help authorities track stolen jewelry.