Feds’ ruling could spur electricity rate cuts
In an Oct. 16 decision affecting Indiana and 14 other states, the Federal Energy Regulatory Commission said the utilities must negotiate with six customer groups that brought a complaint last year.
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After attack from Christ Church, JPMorgan fires back
JPMorgan Chase argues it did a "solid" job managing trust accounts endowed by Eli Lilly Jr. The banking giant says the church's lawsuit cherry-picks facts and paints a "grossly inaccurate picture."
Lilly third-quarter earnings fall below Wall Street’s expectations
The Indianapolis drugmaker's profit tumbled 58 percent as cheaper generic medicines took sales from blockbusters Cymbalta and Evista.
Company news
Anagin LLC, a company started last year by Indiana University researchers, won the BioCrossroads new venture competition for its plans to develop drugs to treat post-traumatic stress disorder, or PTSD. The $25,000 prize from BioCrossroads, an Indianapolis-based life sciences business development group, comes in addition to a $692,706 grant from the National Institutes of Health. Anagin was co-founded by Dr. Anantha Shekhar, a psychiatrist at the IU School of Medicine in Indianapolis, and Yvonne Lai, a scientist in IU’s Department of Psychological and Brain Sciences in Bloomington. Anagin is trying to develop drugs that block PTSD without causing common side effects such as irritability, sexual dysfunction, addiction, and memory and motor-skill problems. Along with its BioCrossroads prize and NIH grant, Anagin will receive $50,000 in matching funds from state-funded Elevate Ventures.
Activate Healthcare LLC, an Indianapolis-based workplace health clinic operator, plans to expand its local operations, adding as many as 203 employees over the next nine years. Activate said it will spend $656,080 to lease a 3,400-square-foot office at 9302 N. Meridian St., more than tripling the size of its existing headquarters. The company operates 22 primary health care clinics in the Midwest, including 18 in Indiana that offer care to more than 40,000 patients. The clinics are within or near workplaces. The Indiana Economic Development Corp. said it offered the company $3.9 million in conditional tax credits and up to $200,000 in training grants based on the firm’s job-creation plans. Activate has about 110 full-time Indiana workers, but its base employment will be considered 84, according to the incentives agreement reached with IEDC. That means the company will need to have 287 employees by the end of 2023 to fully comply with the contract.
Eli Lilly and Co. will close one of its three manufacturing facilities in Puerto Rico at the end of 2015, according to the Associated Press. The Indianapolis company said it is closing its Guayama facility because the patents on some of the drugs made there have expired. Lilly intends to sell the Guayama plant. Lilly said the 100 employees who work there will be offered jobs at another of its facilities on the island, which are in Carolina, Puerto Rico. Guayama is in the southeastern part of Puerto Rico, and Carolina is in the northeast. Lilly has announced $240 million in investments in its Carolina facilities since late 2013.
The Indiana Medicaid program will receive more than $181,000 from a fraud settlement struck by states’ attorneys general and the federal government with the drug manufacturer Organon Pharmaceuticals USA Inc. According to The Statehouse File, the settlement resolves whistleblower allegations that Organon underpaid rebates to the state, offered improper financial incentives to nursing home pharmacies, promoted two of its antidepressants for unapproved uses, and misrepresented its drug prices to the Indiana Medicaid program to reap larger margins and increased sales. Organon, which is now owned by New Jersey-based Merck & Co. Inc., will pay $31 million to settle the lawsuits with the states and the federal government. Of that, Indiana Medicaid will receive $162,346 in a settlement arising from a whistleblower lawsuit filed in Massachusetts and $19,016 in a settlement arising from another whistleblower suit filed in Texas.
Ballard’s preschool plan gets new life in city budget
The $1 billion budget approved by the City-County Council Monday night included a last-minute amendment that could put $1.7 million toward the mayor’s plan to cut crime and expand access to preschool.
Firms near and far ditching bigger-is-better mind-set
Many corporate boards are deciding that investors will value two firms with their own focused strategies more highly than one big, multi-pronged conglomerate.
Diane Rehm, Loni Anderson to read play at Clowes Hall
Marilu Henner and Robert Foxworth also in company reading first act of Trish Vradenburg’s play “Surviving Grace.”
Business, philanthropic leaders urge preschool expansion
Indiana lawmakers should act quickly to expand a preschool pilot program – one that’s not even yet underway – when they meet for their budget-writing session next year, business and not-for-profit leaders said Monday.
Company news
St. Vincent Health will close its long-term acute hospital in Lafayette in the next two months, leaving as many as 83 workers without jobs. The Indianapolis-based hospital system stopped accepting new patients last week at Seton Specialty Hospital if they require stays of 25 days or longer. The facility will close after all current patients end their stays. St. Vincent officials said they would have had to find a new home for Seton because the campus where it leased space— Franciscan St. Elizabeth Health’s Central campus—moved its operations to the Franciscan St. Elizabeth Health’s East campus, also in Lafayette, last month. St. Vincent will continue to operate its other Seton Specialty Hospital in Indianapolis. The Seton Specialty Hospital in Indianapolis has been running at higher occupancy and posting larger profits than its counterpart in Lafayette, according to St. Vincent’s annual filings with the Indiana State Department of Health.
One of three experimental drugs in Eli Lilly and Co.’s push into autoimmune medicines has flamed out. Indianapolis-based Lilly said it would end development of its lupus drug after it failed in overall results generated by two Phase 3 trials in humans. Lilly gave the drug in two doses to patients and in one of the trials, the higher dose showed a statistically significant improvement in patients compared with those taking a placebo. But the lower dose did not. And in a second clinical trial, both doses failed to show a significant benefit versus placebo. Lilly will take an accounting charge in the third quarter of as much as $75 million before taxes. In August, Lilly announced that an autoimmune drug to treat psoriasis had shown marked improvement over an existing therapy, and that Lilly would submit it to regulators for approval. Lilly is also studying a third autoimmune drug to treat rheumatoid arthritis. Results from that drug are expected late this year or early next year.
Community Health Network received a $3.7 million grant from the Substance Abuse and Mental Health Services Administration to fund its early intervention program to prevent suicides among Hoosiers ages 10 to 24. Over the next five years, Community will use the federal money to work with 600 primary care physicians, 13 hospitals and 11 emergency departments around the state, offering them crisis services, psychiatry services provided over the Internet, and intensive care coordination. Those providers and facilities, some of which are part of Community’s health system, will serve 5,000 Hoosiers per year. Community will also work with schools, foster care agencies, juvenile justice programs, state government agencies and others to build a statewide crisis network of people trained to identify young people at risk of attempting suicide, provide timely intervention, and quickly connect them with Community’s crisis providers.
Lilly partner ordered to pay more than $2M to ex-Actos user
Takeda Pharmaceutical Co. was ordered by a jury to pay more than $2 million to a woman who claimed the company’s Actos diabetes medicine caused her bladder cancer, in the latest of thousands of lawsuits involving the drug to go to trial.
Lilly partner accused of putting Actos profit ahead of safety
Executives knew by 2004 that studies found links between Actos and cancer, and didn’t issue a warning until seven years later to protect billions of dollars in sales of the drug, attorney Michael Miller told a state-court jury in Philadelphia on Thursday.
European regulators OK Lilly’s $5.4B Novartis deal
The European Union's antitrust authority has approved the $5.4 billion sale of Novartis' animal health division to Indianapolis-based pharmaceutical firm Eli Lilly and Co.
Opt for the greatest impact
Nearly two years have passed since Eli Lilly and Co. CEO John Lechleiter called for creating a “world-class” life sciences research institute in Indianapolis, and now the fledgling Indiana Biosciences Research Institute is on the verge of naming its first leader. That choice of a chief executive, expected before Thanksgiving, will telegraph a critical signal […]
Lilly to end development of lupus drug after trial failure
Tabalumab was expected to generate about $250 million to $300 million a year in sales in several years.
Altemeyer: Buildings, facilities play role in fighting ‘superbugs’
Design can help thwart antibiotic-resistant bacteria
Employer clinics are latest health care disruption
The clinics could rearrange the system by forcing price quotes and demanding that providers follow-through.
The Interview Issue: Amp Harris
Amp Harris is as well-known for the company he keeps as he is for his work over the years as a DJ, radio host and promoter of community events, including the “Saving Our Youth” Celebrity Basketball Game. Among his confidants are comedian Mike Epps and professional athletes Reggie Wayne, George Hill and Edgerrin James.
Council Dems say they’re pushing preschool debate into 2016
City-County Council President Maggie Lewis and Vice President John Barth said children could be served next year by the state’s much smaller pilot program, which will reach nearly 800 economically disadvantaged four-year-olds in Marion County.
Company news
A Purdue University startup is developing drugs that could reduce a neurotoxin believed to play a part in multiple sclerosis, neuropathic pain and Parkinson’s disease. Neuro Vigor LLC formed last year, based on the research of Riyi Shi, a Purdue professor of neuroscience and biomedical engineering. The company is now trying to raise money to help it prepare for and conduct human trials of one of its drugs. Its drugs are designed to reduce the level of acrolein in patients’ brains. "Our preclinical research has shown by lowering acrolein we could much reduce the symptoms and pain of neurological diseases and injuries,” Shi said in a statement. He co-founded Neuro Vigor along with Mark Van Fleet, a senior executive with the U.S. Chamber of Commerce, and David Giddings, the former president of Boehringer Mannheim Corp.
The U.S. Department of Agriculture approved Dow AgroSciences LLC’s Enlist corn and soybean traits in the United States. Indianapolis-based Dow Agro now awaits action by the Environmental Protection Agency to register the companion herbicide to the Enlist traits, which is a new version of the 2,4-D weed killer that's been around since the 1940s. The EPA has said it will rule this fall on Indianapolis-based Dow AgroSciences' application to market the chemical. After the EPA acts, Dow Agro said, it will update its plans to bring Enlist to market in 2015. The agriculture industry has been anxiously awaiting the approvals, as many weeds have become resistant to glyphosate, a herbicide commonly used on corn and soybeans now. Dow Agro, which is a subsidiary of Michigan-based Dow Chemical Co., also formed a strategic research and development alliance last week with Greenfield-based Elanco Animal Health. The two companies will work to develop products that enable livestock producers to increase meat and milk production. Elanco, a subsidiary of Indianapolis-based Eli Lilly and Co., was a co-founder of Dow Agro in 1989 but sold its stake to Dow Chemical in 1997.
Eli Lilly and Co. agreed to pay AstraZeneca plc as much as $500 million to jointly develop an experimental oral drug for Alzheimer’s, according to Bloomberg News. The two companies will work together to develop AZD3293, which belongs to a class of drugs called BACE inhibitors that block production of amyloid, a protein that causes plaque to build up in the brain of Alzheimer’s patients. The two companies will work to begin studies in patients with early Alzheimer’s disease. Lilly will lead clinical development while AstraZeneca will be responsible for manufacturing. London-based AstraZeneca will receive the first milestone payment of $50 million in the first half of 2015 and the companies will share equally all future costs and potential global revenue. Indianapolis-based Lilly had been developing its own BACE inhibitor, but it failed in clinical testing because of safety issues. The only drugs approved for Alzheimer’s merely ease symptoms for a few months while the debilitating brain disease progresses. Still, they generate more than $5 billion annually.
The U.S. Food and Drug Administration approved a new injectable diabetes drug from Eli Lilly and Co. for adults with Type 2 diabetes, according to Bloomberg News. The drug, Trulicity, is part of a new class of medicines called GLP-1 agonists, which spur the pancreas to create extra insulin after meals. Indianapolis-based Lilly is counting on new drugs like Trulicity to replace falling revenue from blockbusters like the antidepressant Cymbalta, which is facing cheaper generic competition after the expiration of its patent. Analysts predict the drug could eventually bring in $700 million to as much as $1.3 billion annually in revenue. The drug will bear a boxed warning — the most serious type — highlighting that rats tested with Trulicity had cases of thyroid cancer, though it's unclear whether they were caused by the drug. Lilly will be required to conduct follow-up studies on cases of thyroid cancer, heart problems and other potential safety issues with the drug.