Lilly set to fall off second patent cliff
Eli Lilly and Co. on Wednesday will fall off its second “patent cliff” in as many years as its best-selling drug Cymbalta sees its U.S. patents expire.
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Company news
Indiana University Health hospitals and doctors could fall out of UnitedHealthcare’s discounted network on Jan. 1 if the two entities don’t come to an agreement by then. IU Health, the state’s largest hospital system, and UnitedHealthcare, the state’s second-largest health insurer, have been unable to come to terms on a new set of reimbursement contracts, according to both organizations. The previous contracts end Dec. 31. Such contracts between health systems and health insurers typically shave 30 percent or more off the list prices charged by hospitals and doctors. In notices sent to local benefits brokers late last month, Minnesota-based UnitedHealthcare said the two organizations are wrangling over a reimbursement hike by IU Health and over how the new contracts will make more of that reimbursement hinge on measurements of clinical quality. The contract dispute could affect the roughly 400,000 Hoosiers that have employer-based or individually purchased insurance with UnitedHealthcare. That represents about 12 percent of the Indiana commercial market.
Medical workers, military personnel, hundreds of volunteers and a platoon of ambulances transferred 149 patients from Wishard Memorial Hospital on Saturday, the final day of service for the facility that dates as far back as World War I. Those patients were moved to the new Eskenazi Hospital, just four blocks away. The new $754 million hospital replaces Wishard as the county-owned hospital in Indianapolis. Construction on the art-filled, 315-bed Eskenazi Hospital began four years ago.
Indianapolis-based Eli Lilly and Co. has joined two other companies to contribute $40 million to an early-stage life sciences venture capital initiative in New York City. New York economic development officials announced the effort to launch more life sciences companies last week. The city of New York will contribute $10 million, according to The Wall Street Journal, and will look to attract venture capital firms willing to put in another $50 million. The initiative hopes to launch 15 to 20 new life sciences companies in New York by 2020. Lilly operates a research and development center in New York focused on cancer, which it acquired in 2008 as part of its purchase of New York-based drug company ImClone Systems Inc. The two other companies contributing money are New Jersey-based biotech company Celgene Corp. and GE Ventures, the venture capital arm of Connecticut-based General Electric Co. The contributions of each company were not disclosed.
Eli Lilly and Co. will end development of the depression medicine edivoxetine as an add-on therapy after the drug failed to meet goals in three Phase 3 studies, according to Bloomberg News. The end of edivoxetine as a potential add-on therapy is another research setback for Lilly, which has had a cancer treatment, ramucirumab, fail in breast cancer patients, and an experimental compound prove unsuccessful in helping people with advanced Alzheimer’s disease. Edivoxetine had been expected to generate $560 million by 2020, said Seamus Fernandez, an analyst with Leerink Swann & Co. The decision to end the development as an add-on therapy will result in a pretax charge of $15 million, or 1 cent a share, in the fourth quarter, Lilly said. The company reaffirmed its 2013 forecasts and said it still plans to return to revenue growth in 2015.
People
Donetta Gee-Weiler, a registered nurse, has been named vice president of women’s and children’s services for Community Health Network. She most recently served as practice administrator for Community Physician Network’s OB/GYN Care, Gynecologic Cancer Care, and Hepatobiliary Surgical Care. She holds a bachelor’s degree in nursing from IUPUI.
Gwen O’Malley has been named vice president of practice operations at Community Physician Network. Most recently, O’Malley served as executive director of primary care for Community Physician Network. She earned a bachelor’s degree at St. Mary-of-the-Woods College and a master’s degree at IUPUI.
Chad Ashcraft has been hired as vice president of innovation at Indianapolis-based OurHealth, which operates on-site health care clinics for employers. Ashcraft previously worked in sales for Thunderhead.com, Toovio Software, Chordiant Software and IBM. He holds a bachelor’s degree in computer science from DePauw University and a master’s degree in information science from Ball State University.
Indianapolis-based Maetrics LLC, a life sciences consulting firm, appointed R.J. Lemieux as vice president of sales. He previously worked at Boston-based RM Nephew & Associates LLC and Ernst & Young. Lemieux earned a bachelor’s degree at Hobart College and an MBA at Bentley University.
Man shot during robbery in driveway
An Indianapolis man was shot in the leg during a robbery outside his home about 11 p.m. Sunday. The victim said he was working on his truck in his driveway in the 3700 block of North Bancroft Street, near East 21st Street and North Emerson Avenue, when he was approached by a man with a gun. The suspect scuffled with the victim and shot him in the leg before fleeing with his wallet.
Noblesville teen shot to death
A 16-year-old Noblesville girl was shot in the chest late Sunday night and died from her injuries. Aubrey Peters suffered the fatal wounds in a home in the River Run neighborhood. At least three other people were in the residence during the incident. Police arrested 20-year-old Jacob McDaniel early Monday morning on preliminary charges of criminal recklessness and pointing a firearm. Peters received a Red Cross heroism award in 2010 for helping rescue two children from a retention pond.
Panhandling proposal faces changes
A proposed ordinance that would put severe limits on panhandling downtown is expected to be sidelined before the City-County Council can vote on it Monday night. Ordinance sponsor Jeff Miller said he will ask the council to send the proposal back to committee to rewrite a portion that deals with street performers. The proposal has received negative feedback and protests because it includes street performers, Miller said. A rewritten proposal could return for a council vote in January.
You-review-it Monday: ‘Yuletide Celebration’ and more
Did you get to see Sandi Patty and company at Hilbert Circle Theatre? Do some book buying at the Indiana History Center’s Holiday Author Fair? Thaw your heart at “Frozen”?
What if exchange enrollment never catches up?
Based on some very rough assumptions, I calculate that Hoosiers could see premiums 14 percent to 28 percent higher in 2015, due in part to low enrollment in the Obamacare exchanges in 2014.
Meridian corridor office complex sells for close to $43 million
The buyer, Equus Capital Partners, has made a habit of purchasing large-scale, Class A office properties on the north side of the city.
Some worry about eliminating Indiana business tax
A proposal to phase out Indiana's property tax on business equipment and machinery has many local government leaders concerned about another big revenue hit.
Costs of rare November storms, tornadoes top $1 billion
Tornadoes and thunderstorms that swept across the U.S. Midwest last month will probably cost more than $1 billion in economic losses, led by damage in Illinois and Indiana, according to insurance broker Aon Plc.
Barron’s says Simon stock among best for 2014
The owner of hundreds of retail properties landed on the Barron’s list of top stock picks for 2014, with the financial publication citing an improved outlook and an analyst upgrade.
IU faculty question new legislative mandates
The head of IU's board of trustees says faculty need to accept that college standards are changing and adapt to stay ahead of the shift.
Nearly 150 patients moved in hospital transition
Eskenazi admitted its first patients and the hospital it's replacing, Wishard Memorial, discharged its last Saturday as part of the transition between the two hospitals.
Hospital cuts create uncertain future for nurses
The new climate is a seismic change for many who got into nursing because for generations it had been a recession-proof career.
Stock market jumps after strong jobs report
Stocks rose sharply after the government reported a fourth straight month of solid U.S. job gains, the latest encouraging sign for the economy.
Indiana lawmakers unlikely to consider casino aid
A key state legislator doesn't expect the General Assembly will be taking any action on changing Indiana's casino laws during its upcoming session.
Construction
-Capitol Construction has completed a 6,600-square-foot office build-out for Bluegreen at 3500 DePauw Blvd.
-TMG Construction Management Inc. has started build-out of a 3,189-square-foot Chipotle Mexican Grill at 6 E. Washington St.
Residential
The average rate for 30-year mortgages rose from 4.44 percent to 4.55 percent in the week ended Dec. 4, according to Bankrate.com. The rate for 15-year mortgages rose from 3.47 percent to 3.62 percent.
Leases/leasing contracts
-General Nutrition Centers leased 342,840 square feet in AllPoints at Anson 7A, 4055 S. County Road 500 East, Whitestown. The tenant was represented by Jim Medbery of Binswanger. The landlord, a partnership of Duke Realty and Browning Investments, was represented by Mark Hosfeld and Jay Archer of Duke and Mark Susemichel and John Cohoat of Browning.
-Poly Tainer Inc. leased 66,282 square feet of industrial space at 999 Gerdt Court, Greenwood. The tenant was represented by Fritz Kauffman of Cassidy Turley. The landlord, Greenwood Gerdt Enterprises LLC, was represented by Jon Jessup of Summit Realty Group.
-Office Furniture Warehouse Inc. leased 16,000 square feet of industrial space at 5925-6021 W. 71st St. The tenant was represented by Bryan Augustin of Alliance Commercial Group. The landlord, GI Partners, was represented by Bryan Poynter and Russ Van Til of Cassidy Turley.
-Metal Man LLC leased 5,756 square feet of industrial space at 3250 N. Post Road. The tenant was represented by Stan Elser of Lee & Associates. The landlord, Iron Point Titan Asset Management LLC, was represented by Bryan Poynter of Cassidy Turley.
-Clothes Mentor leased 4,800 square feet of retail space at 11670-11680 Commercial Drive, Fishers. The landlord, Sena Realty FC LLC, was represented by Jacque Haynes of Cassidy Turley. The tenant represented itself.
-Vision Works leased 3,946 square feet of retail space at 9893 N. Michigan Road, Carmel. The tenant was represented by Patrick Boyle of Midland Atlantic Properties. The landlord, CASTO, was represented by John Byrne and Jacque Haynes of Cassidy Turley.
-Massage Envy leased 3,283 square feet at 6280 College Ave. The tenant was represented by Tracey Holtzman of Midland Atlantic Properties. The landlord, 6280 LLC, was represented by Bart Jackson and Scot Courtney of Lee & Associates.
-Americrawl Inc. leased 2,700 square feet at 5855 Kopetsky Drive. The landlord, Gateway South LLC No. 1, was represented by Brian Dell of Summit Realty Group. The tenant represented itself.
-Vitamin Shoppe leased 2,666 square feet at Stony Creek Marketplace, 17143 Mercantile Blvd., Noblesville. The tenant was represented by Mark Perlstein of Sitehawk Retail Real Estate. The landlord, RPAI, was represented by Larry Davis, Tom English and John Baker of Sitehawk Retail Real Estate.
-H&R Block leased 2,400 square feet at Brownsburg Square Shopping Center, 967 N. Green St., Brownsburg. The landlord, Brownsburg Management Group, was represented by Jeff Hubley of Midland Atlantic Properties. The tenant represented itself.
-Walmart signed a four-month lease for 2,100 square feet at Prairie Lakes Shopping Center, 14350 Mundy Drive, Noblesville. The landlord, Prairie Lakes Development LLC, was represented by Tracey Holtzman of Midland Atlantic Properties. The tenant represented itself.
-Graeter’s Ice Cream leased 2,100 square feet at 5560 N. Illinois St. The tenant was represented by Steve Delaney of Sitehawk Retail Real Estate. The landlord, 56th Street Investments LLC, represented itself.
-Just Install LLC leased 2,069 square feet at 4444 Decatur Blvd. The landlord, CP Ventures LP, was represented by Brian Dell and Ryan Kelly of Summit Realty Group. The tenant represented itself.
-Certified Lawn Care leased 1,500 square feet of industrial space at Greenwood Oaks Business Centre, 500 S. Polk St., Greenwood. The tenant and landlord, Greenwood Oaks Investments LLC, were represented by Cathy Richards of Lee & Associates.
-Planetary Brewing Co. leased an additional 1,500 square feet of industrial space at Greenwood Oaks Business Centre, 500 S. Polk St., Greenwood. The tenant and landlord, Greenwood Oaks Investments LLC, were represented by Cathy Richards of Lee & Associates.
-The Wright Cut, doing business as Great Clips, leased 1,260 square feet at Tasha’s Plaza, 9155 E. 56th St. The landlord, R. Danesh LLC, was represented by Patrick Boyle of Midland Atlantic Properties. The tenant represented itself.
-Plopper & Partners LLP leased 1,222 square feet of office space at 301 E. Carmel Drive, Carmel. The tenant was represented by Lawrance Morrissey of Corporate Commercial Group. The landlord, Carmel-301 LLC, was represented by Kevin Dick and Paul Dick of Colliers International.