Lilly to spend another $700M in growing market for diabetes products
The move includes a $45 million investment for Lilly's operations in Indianapolis, on top of $400 million in investments the company announced over the past two years.
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Former Mayor Peterson joins Kite Realty board
The former two-time mayor is better known for politics and public policy, but he spent many of his early years working in his family’s commercial real estate company.
Lilly pledges up to $1.8B to Pfizer for access to potential blockbuster
Eli Lilly and Co. and Pfizer Inc., which are both suffering through some of the largest patent cliffs in the industry, will split any future costs and profits of an osteoarthritis drug that has stalled in clinical testing.
Company News
Shares of Endocyte Inc. came roaring back after the company’s executives finally convinced investors there’s a real possibility of getting European approval in the next two months for its first drug. Shares of West Lafayette-based Endocyte soared by nearly 41 percent from its close on Tuesday, just before the company issued its pipeline update, until the end of the week, when the shares closed at $11.64 apiece. Endocyte executives said they expect European regulators to render a decision on its ovarian cancer drug, vintafolide, in December or January. The European regulators have requested an oral presentation by Endocyte, which is usually a sign of some controvery, Wall Street analysts noted. If Endocyte gets the green light, it would start working with its partner, New Jersey-based Merck & Co. Inc., to sell vintalofide next year. Endocyte is also seeking approval for a companion imaging agent. Combined, analysts expect the two products could bring Endoycte as much as $200 million in revenue by 2018.
Two former Eli Lilly and Co. scientists accused of stealing the drugmaker’s trade secrets and passing them to a Chinese company have been released to a halfway house by a federal judge in Indianapolis. The judge, William Lawrence, also acknowledged that the men’s attorneys had “poked sufficient holes” in the case brought by U.S. Attorney Joe Hogsett against the men by suggesting that Guoqing Cao and Shuyu “Dan” Li, only passed on information that Lilly had already put into the public domain. Cao and Li, both of whom live in Carmel, were arrested in October for allegedly emailing sensitive information about nine of Lilly’s experimental drug programs to an employee of Jiangsu Hengrui Medicine Co. Ltd., which is based in China. An executive of Indianapolis-based Lilly estimated during a court hearing that the trade secrets were worth at least $55 million.
Paragon Medical Inc., a Pierceton, Ind.,-based supplier to orthopedic implant companies, has agreed to be acquired by Chicago-based private equity firm Beecken Petty O'Keefe & Co. Financial terms of the transaction, which is expected to close in December, were not disclosed. The company has 950 employees, according to its website.
Testosterone replacement drugs, including one made by Eli Lilly and Co., raised the risk of heart, attack, stroke or death by 29 percent, according to a study of 8,700 men released last week. According to Bloomberg News, the study is the first of a class of drugs, which includes Lilly’s Axiron, as well as AbbVie Inc.’s Androgel. Indianapolis-based Lilly is expected to achieve $168 million in sales this year from Axiron. Androgel could achieve $1.1 billion in sales, according to figures compiled by Bloomberg. An earlier study of testosterone supplements used in elderly males, funded by the U.S. National Institute on Aging and run at Boston Medical Center, was stopped in 2009 because an audit found it caused more heart attacks and high blood pressure. Teresa Shewman, a Lilly spokeswoman, said the company is aware of cardiovascular events in men taking testosterone therapies. “Lilly works with the scientific community and regulatory bodies to further understand and communicate the risks and benefits of testosterone replacement therapy,” Shewman said. “As a company responsible for developing medicines, Lilly is committed to providing advertising that is truthful, accurate and balanced.”
MAURER: If you’re 70, Corporate Challenge is a breeze
In the seniors division, age is your primary competition in this fun-filled community event.
Emmis, others choose sides in gay-marriage fight
Indianapolis-based media giant Emmis Communications Corp. has joined Freedom Indiana, a group opposed to a proposed amendment banning same-sex marriage. Meanwhile, a Northern Indiana tea party group took a different stance.
Testosterone drugs raise heart risk, study finds
Testosterone replacement drugs, a $1.6 billion market for Eli Lilly and Co. and others, boosted the odds of having a heart attack, stroke or dying by 29 percent in one of the first studies weighing the therapy's cardiovascular risks.
Lilly a possible suitor for Novartis AG’s animal-health unit
Indianapolis-based Eli Lilly and Co., Bayer AG and Boehringer Ingelheim GmbH are among companies that may consider an offer if the Swiss drugmaker proceeds with the animal-health sale.
Lawmakers considering more changes to patent laws
U.S. lawmakers, influenced by companies including Indianapolis-based Eli Lilly and Co., Cisco Systems Inc. and Qualcomm Inc., are considering the second set of patent-law changes in three years as the courts try to race ahead of Congress.
Purdue makes big push into state’s pharma industry
With a $60 million-plus investment, the university aims to take molecules from discovery to clinical trials.
PELATH: Push the marriage amendment at the economy’s peril
For those who can still bear to look, Indiana’s unemployment rate remains stuck above 8 percent.
Indiana University joins gay marriage ban fight
Indiana University has joined a campaign fighting a proposed state constitutional amendment that would ban same-sex marriages.
Company news
Franciscan Alliance blamed lower patient volumes, reimbursement reductions and Obamacare for its decision to eliminate 925 full-time positions through a mix of layoffs, reduced hours, retirements and attrition. The Mishawaka-based Catholic organization, which operates three hospitals in the Indianapolis area, said it is trying to cut expenses by as much as $500 million, or 20 percent, over the next few years. Most other hospitals around Indiana are doing the same. To reach that goal, Franciscan will also cut benefits for its remaining 19,000 employees. Of the 925 positions cut, 275 will come through layoffs. In the Indianapolis area, 83 employees were laid off and another 65 positions are being eliminated. In 2012, Franciscan’s 13 hospitals in Indiana and Illinois pulled in revenue of $2.5 billion, generating a net gain of $110 million, excluding a special accounting charge. However, the hospital chain’s operating profit margin decreased to 4.5 percent from 5.2 percent the previous year.
The National Institutes of Health awarded a $30 million grant to the Indiana Clinical and Translational Sciences Institute, a partnership of Indiana University, Purdue University and the University of Notre Dame. The money will help fund the institute at least through 2018. The Indiana University School of Medicine established the institute in 2008 with a $25 million NIH grant, plus about $25 million in matching grants from IU, Purdue, the state of Indiana and private partners such as Eli Lilly and Co. The institute estimates it supports more than 80 full-time-equivalent professional jobs across Indiana, who work on research in Alzheimer's disease, Parkinson's disease, autism, traumatic brain injury, polycystic kidney disease, and osteoporosis and osteoarthritis.
WellPoint Inc.’s stock fell nearly 5 percent in the second half of last week even though the health insurer reported better-than-expected third-quarter earnings. Investors backed away from health insurers as problems with the new Obamacare exchanges persisted. Indianapolis-based WellPoint earned $656.2 million in the quarter ended Sept. 30, down from $691.2 million in the same quarter a year ago. But because WellPoint has spent $1.2 billion buying back its own stock over the past year, the company’s profit per share actually increased to $2.16 in the latest quarter, from $2.15 a year ago. Excluding investment gains and one-time gains and charges, WellPoint would have earned $2.10 in the third quarter this year. On that basis, analysts were expecting profit of just $1.82 per share, according to a survey by Thomson Reuters. WellPoint raised its full-year profit forecast to $8.40 per share, an increase of 40 cents.
Profit at Eli Lilly and Co. fell 9 percent in the third quarter but still easily beat the expectations of Wall Street analysts. The Indianapolis-based drugmaker earned $1.2 billion in the three months ended Sept. 30, down from $1.3 billion in the same quarter last year. But results from last year were boosted by a payment from former Lilly partner Amylin Pharmaceuticals Inc. Excluding that payment and other special charges, Lilly’s profit-per-share soared 41 percent, to $1.11, up from 79 cents per share a year ago. Analysts had been expecting profit $1.04 per share, according to a survey by Thomson Reuters. This was the last full quarter in which Lilly will maintain its U.S. patents on Cymbalta, its bestselling drug. Sales of the antidepressant grew 11 percent in the quarter to nearly $1.4 billion.
Strong sales of new crop protection products helped Dow AgroSciences LLC cultivate revenue of $1.4 billion in its third quarter, up 8 percent from the same quarter a year ago. But profit for Dow AgroSciences tumbled more than 71 percent—from $63 million in the previous third quarter to $18 million in this year’s quarter. The figure represents earnings before accounting for interest, taxes, depreciation and amortization. Dow attributed the decrease in profit to higher seed returns in North America driven by a late, wet planting season, as well as increased spending on growth investments. Revenue from Dow’s crop protection products rose 10 percent in the quarter, driven by higher sales of herbicides in North America and insecticides in Latin America. Dow AgroSciences is an Indianapolis-based subsidiary of Michigan-based Dow Chemical Co.
Warsaw-based Zimmer Holdings Inc.’s third-quarter profit fell 13 percent to $154.4 million, or 90 cents a share, down from $178.1 million, or $1.02 a share, in the same quarter a year ago. Excluding special charges for restructuring and litigation, Zimmer would have earned $1.25 per share, a penny higher than analysts were expecting. Zimmer’s revenue in the quarter rose 4.8 percent to $1.07 billion. For the year, the company now expects per-share earnings of $5.70, which is near the low end of its previous profit forecast. Its sales continue to be dampened as high unemployment and an uncertain economy in the United States have caused patients to put off hip and knee replacement surgeries.
Bribery scandals sap Lilly’s China growth
Eli Lilly and Co. has been counting on torrid growth in China to help offset losses from patent expirations in other markets, but now slower growth in the Chinese economy and bribery allegations against Lilly and two other drugmakers have hampered Lilly’s growth there.
Ritzier hotels may lure top events, but year-round demand unclear
Indianapolis lacks a five-star hotel, a fact some hospitality experts think could hurt the city’s chances of landing the 2018 Super Bowl. But there’s no consensus on whether the city should go more upscale.
EDITORIAL: Indy Chamber embraces arc of history
Few contemporary political skirmishes break down so cleanly into two sides: The right side of history, and the wrong.
State medical institute snares $30M grant from feds
A consortium of Indiana University, Purdue University and University of Notre Dame can operate for another five years with the grant funds.
Lilly’s profit soars as Cymbalta nears patent expiration
Excluding a one-time payment from a year ago, Eli Lilly and Co.’s third-quarter profit easily beat Wall Street’s expectations.
Indy Chamber to oppose gay-marriage amendment
The Chamber noted that two of Indiana's largest employers — Indianapolis-based Eli Lilly and Co. and Columbus-based engine manufacturer Cummins Inc. — oppose the amendment for recruitment reasons.