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R&D spending soars above value of new drugs

To understand the depths of the pharmaceutical industry’s recent struggles, consider this: The industry has been spending $57 billion more per year on research and development than the value of the products it has been launching. That’s a problem.

Company news

Eli Lilly and Co., once the undisputed leader in the U.S. diabetes market, wants to regain its dominance by launching as many as four new diabetes drugs in the next five years, Lilly executives said during an investor meeting June 30. Lilly has lost large chunks of market share in the past decade to Denmark-based Novo Nordisk A/S and France-based Sanofi-Aventis SA. But this year, Lilly, through a partnership with Germany-based launched Boehringer Ingelheim GmbH, launched Tradjenta, a once-daily tablet that will compete with Merck & Co. Inc.’s successful Januvia but could involve fewer complications for patients with liver or kidney problems. As early as next year, Lilly could get the green light on Bydureon, a long-delayed once-weekly version of its Byetta treatment, developed with Amylin Pharmaceuticals Inc. Lilly could seek regulatory approval in 2013 for dulaglutide, a once-a-month drug similar to Bydureon. An oral drug called empagliflozin, also gained through the agreement with Boehringer Ingelheim, could launch in 2014. "Diabetes is one of the great opportunities for Lilly moving forward," Jan Lundberg, president of Lilly Research Laboratories, said in an interview with Reuters.

As part of its agreement to add Westview Hospital to its system, Community Health Network will assume $10 million in debt, spend $7.5 million on upgrades, and help open an outpatient center in Speedway, the two hospitals announced June 28. They will also look for more locations in western Indianapolis to add outpatient centers. Community and Westview first announced in November they were in talks to form a “strategic alliance.” On June 24, Westview’s board approved the merger. Westview needed to get bigger, CEO Jon Anderson said, because the 2010 health care reform law and other national trends are pushing hospitals to have some of their revenue hinge on whether they keep a specific population of patients healthy. Westview had annual revenue of $106 million in 2009, the most recent figure available. Community is more than 10 times as large, with annual revenue of $1.3 billion. From Community’s perspective, Westview helps it expand into the western portion of Indianapolis for the first time. In addition to Anderson, Community has hospitals in the southern, eastern and northeastern suburbs of Indianapolis. Community wants to make sure it has facilities accessible on all sides of the city in order to be attractive to employers who want to contract with a hospital system—either directly or through an insurer—that will take responsibility for keeping the employees healthy.

Indiana University Health is losing its chief financial officer, who has overseen the hospital system’s bulging balance sheet since 1999. Marvin Pember, 58, is taking a new job near Philadelphia as president of the acute care division of Universal Health Services Inc., a publicly traded company with 22 acute hospitals and numerous behavioral health centers spread from coast to coast. Pember’s last day at IU Health will be July 29. IU Health, an 18-hospital system based in Indianapolis, will begin a national search for his replacement immediately. Pember joined IU Health, then known as Clarian Health, when it had just three hospitals—Methodist, Indiana University Hospital and Riley Hospital for Children—all in downtown Indianapolis. Today, its hospitals stretch from LaPorte and Goshen in northern Indiana to Paoli and Bedford in the south. IU Health also has three more facilities set to join its fold by year’s end.

People

Robert W. Markette Jr. has joined the health care practice group of the Benesch law firm in Indianapolis. Markette focuses his practice on home health agencies, hospice providers and private-duty agencies. He holds degrees from Hanover College and the Indiana University Maurer School of Law.

Carol Seals has been named chief financial officer at Indiana University Health Ball Memorial Hospital. She was previously director of finance at the Muncie hospital. Seals also has held positions as controller for American Heritage Life Insurance Co., a publicly held life and health insurance company, and as an audit manager with Ernst & Young LLP. She holds a degree in accounting from Ball State University and a master’s in management from Indiana Wesleyan University.

RaeChelle B. Bennett, a registered nurse, has been appointed a quality manager for oncology at Franciscan St. Francis Health. Bennett is a graduate of the Indiana University School of Nursing.

Vince Corbin, a registered nurse, has been selected as manager for the emergency department at Franciscan St. Francis Health’s soon-to-close Beech Grove hospital. Corbin holds an MBA from Indiana Wesleyan University as well as degrees in business and nursing from Marian University.

Lilly asks judge to reject U.K. Zyprexa case

Eli Lilly and Co., the Indianapolis-based drugmaker whose best-selling schizophrenia medicine Zyprexa survived a patent challenge in Britain two years ago, has asked a United Kingdom judge to reject a parallel lawsuit by a generic drug company.

Timing good for 2-in-1 biotech drugs

Eli Lilly and Co.’s foray into combination drugs is well-timed because the company could take advantage of some the world’s most successful biotech medicines, which are about to see their patents expire.

Construction

-Capitol Construction Services has completed a 1,876-square-foot build-out for Dr. Ralph Waldo at 11350 N. Meridian St., Carmel.

-Kort Builders has started construction of an interior addition for the Indiana Youth Institute at 603 E. Washington St., Suite 800.

Residential

On a seasonally adjusted basis, the pace of mortgage loan activity fell 2.7 percent for the week ended June 24, according to the Mortgage Bankers Association. The rate for 30-year mortgages decreased to 4.46 percent from 4.57 percent the previous week. The rate for 15-year mortgages fell to 3.64 percent from 3. 7 percent.

Leases/Leasing contracts

-OHL, a third-party logistics provider, leased 405,492 square feet at 281 Airtech Parkway, Plainfield. The tenant was represented by Steve Schwegman, Jake Sturman and Brian Seitz of Jones Lang LaSalle and Randy Wolcott, Doug McDowell and Jess Andrews of ProVenture. Jones Lang LaSalle also represented the landlord/owner, Prologis.

-Monkey Joe’s leased 17,522 square feet at Southport Commons, 4650 Southport Road. The tenant was represented by Tom and Connie Niessink of Niessink Commercial. The landlord, Southport Commons, was represented by Tom English and Larry Davis of Sitehawk Retail Real Estate.

-Premier HealthTel, a subsidiary of SeKayi Holdings, leased 8,472 square feet of office space at 4030 Vincennes Road. The tenant and landlord, Coastal Partners, were represented by Tom Hadley and Matt Waggoner of Summit Realty Group.

-Legacy Ventures Inc. leased 5,400 square feet of industrial flex space at 5705 W. 85th St.  The tenant was represented by Rob Christman of Bridge Real Estate Advisors Inc. The landlord, BRE/US Industrial Properties LLC, was represented by Jason Speckman of Summit Realty Group.

-SynCare LLC, a subsidiary of SeKayi Holdings, leased 4,947 square feet of office space at 4030 Vincennes Road. The tenant and landlord, Coastal Partners, were represented by Tom Hadley and Matt Waggoner of Summit Realty Group.

-Harland Financial leased 4,821 square feet of office space at 12800 N. Meridian St., Carmel. The tenant was represented by Matt Waggoner and Jon Jessup of Summit Realty Group. The landlord, Duke Realty Corp., represented itself.

-Alfred Angelo Bridal leased 3,817 square feet at Castleton Square Mall, 6020 E 82nd St. The tenant was represented by Larry Davis and Tom English of Sitehawk Retail Real Estate and TedGarrity of CresaPartners. The landlord, Simon Property Group, was represented by Jamie Christman of Simon.

-Bright Now! Dental leased 3,410 square feet at Avon Commons, 10439 U.S. Highway 36, Avon. The tenant was represented by Daniel Clark of Goodman Real Estate Services Group LLC. The landlord, Avon Commons Shopping Center, was represented by Larry Davis and Tom English of Sitehawk Retail Real Estate.

-American Academy of Osteopathy leased 3,378 square feet of office space at 3500 DePauw Blvd. The tenant was represented by Matt Waggoner of Summit Realty Group. The landlord, Sterling American Properties, was represented by Dave Moore, Darrin Boyd and Bennett Williams of Cassidy Turley.

-SalonCentric leased 2,800 square feet at Washington Corner, 9966 E. Washington St. The tenant was represented by Larry Davis of Sitehawk Retail Real Estate and Jim Foran of Atlantic Real Estate Services. The landlord, Washington Corner LP, was represented by Jeff Roberts of The Broadbent Co.
    
-Bicycle Exchange leased 1,400 square feet of retail space in Winthrop Commons, 5345 N. Winthrop Ave. The landlord, North Winthrop Commons, was represented by Ron Mannon and Scott Herider of Lee & Associates. The tenant represented itself.

Sales/acquisitions

-Neff Rentals bought the 88-unit Towne View apartments at 5 Crosby Road, Mooresville. The property was listed for $3.5 million. The sale price wasn’t disclosed. The buyer and seller, Boston Capital, were represented by Tikijian Associates. The buyer plans to gradually convert the affordable housing into market-rent apartments.

-ARL SC LLC bought Arlington Square, a 56,606-square-foot retail center at 1107 N. Arlington Ave. The price wasn’t disclosed. The buyer and seller, The State Bank and Trust, were represented by Tracey Holtzman of Midland Atlantic.

-Crown Liquors bought a seven-tenths-of-an-acre outlot at Southport Square 4015 E. Southport Road. The price wasn’t disclosed. The seller, Southport Road Development LLC, was represented by Scot Courtney and Bart Jackson of Lee & Associates. The buyer represented itself.

Purdue president to step down next summer

Purdue University President France Cordova says she'll step down when her contract expires in 2012. She succeeded Martin Jischke at the helm of the public university in 2007.

France Cordova

IU Health loses CFO to larger hospital system

Marvin Pember, 58, is taking a new job near Philadelphia as the president of the acute care division of Universal Health Services Inc., a publicly traded company with 22 acute hospitals and numerous behavioral health centers spread from coast to coast.

Martinsville teen waives jury trial

A Martinsville teenager accused of shooting his classmate on Friday waived his right to trial by jury. A judge will decide if Michael Phelps, 16, is guilty. Phelps is facing a number of charges in the shooting of 15-year-old Chance Jackson at Martinsville West Middle School on March 25. Among those charges is attempted murder. Another charge of battery was recently upgraded to "aggravated battery," which could add up to eight years of prison time if he is convicted.

Fisherman drowns in White River

A 21-year-old fisherman drowned Thursday afternoon in the White River in Indianapolis while trying to free a snagged fishing line. The victim’s friend said the pair were fishing near West Street when his friend waded into deeper water to free his line because he did not want to lose his lure. Rescue crews recovered his body four hours later. The victim’s name has not yet been released.

Six-year-old dies in home shooting

Police are investigating the shooting of a 6-year-old boy, who died south of Martinsville late Thursday night. The boy and his 11-year-old brother were reportedly home alone when a rifle went off, striking the 6-year-old in the head. The child was flown by air ambulance to Riley Hospital for Children, where he was pronounced dead. Police said they believe the shooting was accidental.

UPDATE: Teachers, others sue over school voucher law

The Indiana State Teachers Association filed the lawsuit in Marion County on Friday seeking to block the state’s new school voucher law. Plaintiffs include teachers, school administrators, clergy and taxpayers.

Key exec behind Indy airport expansion retires

Robert A. Duncan nudged the door closed this week on his office at the Indianapolis Airport Authority and retired after a career at the center of one of the largest, long-term civic developments in the city's history.