Indy Chamber to oppose state gay-marriage amendment
The Chamber noted that two of Indiana’s largest employers—Eli Lilly and Co. and Cummins Inc.— oppose the constitutional amendment banning gay marriage for recruitment reasons.
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IU puts Bloomington, Indy parking privatization on hold
A university official said a 50-year lease involving the two campuses would probably bring in about $275 million. That's far less than the $483 million deal that Ohio State University got last year.
EDITORIAL: Eli Lilly’s cuts are necessary evil
If Eli Lilly and Co. sneezes, Indianapolis catches a cold. The statement has been so oft-repeated that it’s become a cliché.
Simon’s 20-year run has made investors a bundle
Simon Property Group now is the largest real estate company in the world and has a stock market value of $59 billion. That’s $6 billion more than Eli Lilly and Co., not that Simon's hypercompetitive CEO, David Simon, has noticed.
Republicans making same old mistake on health reform
Rather than railing incessantly against Obamacare, Republicans would do themselves and the country a favor if they finally agreed on a common alternative for fixing the health care system.
Company news
Indiana Attorney General Greg Zoeller joined with 15 Indiana school districts in a lawsuit challenging the authority of the Obama administration to grant tax subsidies to Hoosiers buying health insurance in newly established exchanges or to fine employers for failing to provide affordable coverage. But a Democratic lawmaker said the lawsuit could lead to 400,000 Hoosiers losing out on tax breaks meant to make the insurance more affordable. According to TheStatehouseFile.com, Rep. Ed Delaney of Indianapolis said the lawsuit, filed Tuesday, is “dashing the hopes of Hoosiers on purpose.” The suit accuses the Internal Revenue Service of going beyond the Affordable Care Act’s authorizations by extending the tax breaks – which are meant to be subsidies – to residents of all states. The suit said the law authorizes the tax credits only for people living in states that are operating state-based exchanges. Indiana and most other states opted not to create their own exchanges and let the federal government do the job instead. But as revised by the IRS, the health care program opens the subsidies to residents of all states – including Indiana. Those IRS rules make Indiana employers liable for penalties if they fail to provide affordable health coverage to their employees, and one of them receives a tax subsidy to buy coverage on the health insurance exchange. Delaney, who blamed the lawsuit on Gov. Mike Pence, said that for the state’s argument to have merit, it would mean stripping the tax breaks away from all Hoosiers.
Indianapolis-based Novia CareClinics LLC, which was a pioneer in operating primary care clinics for employers, has agreed to be purchased by Wisconsin-based QuadMed LLC, another on-site clinic operator, the companies announced Wednesday. Financial terms of the deal were not disclosed. It is expected to close in the next 30 days. Novia has opened 50 on-site clinics serving more than 90 employers since its founding in 2006. In 2012, the company had more than $15 million in revenue. It now boasts 600 employees. QuadMed, which is a subsidiary of publicly traded Quad/Graphics, a commercial printing firm, operates more than 40 on-site clinics in various states. Its clinics were started to take care of its own 20,000 employees. As part of the transaction, Novia CEO Eric Olson will become an executive at QuadMed, serving under its president, Tim Dickman. In a press release, QuadMed said it also intends to fold Novia’s other employees into its operations.
Indianapolis-based Dow AgroSciences LLC said Tuesday that it has prevailed in a second patent-infringement lawsuit involving one of the company’s key products. The suit, filed in January 2012 by South African-based Bayer CropScience SA, charged that Dow Agro’s Enlist E3 soybean seed infringed one of its patents. In Monday’s ruling, a federal judge sided with Dow Agro in its motion to have the case dismissed after the court said it was unable to find objective evidence supporting Bayer's arguments. Dow Agro won a similar case against Bayer last September involving Enlist’s 2,4-D tolerance technology. That decision was upheld five weeks ago by an appeals court. Dow Agro, a subsidiary of Midland, Mich.-based Dow Chemical Co., predicts Enlist could earn as much as $1 billion over its life cycle. Dow Agro had global sales of $6.4 billion in 2012.
Indianapolis-based drugmaker Eli Lilly and Co. has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations, Jefferies analyst Jeffrey Holford said in a new research report. "We are also skeptical of many of the remaining pipeline assets," wrote Holford, according to a report by the Associated Press. Holford lowered his rating on the stock to "underperform" from "hold" and dropped his price target on the shares to $40 from $49. Also factoring into Holford’s action are increasing competition and slower sales volume from the U.S. diabetes market, which is a big source of revenue for Lilly, and unfavorable foreign exchange rates and pricing pressure in Europe. At the end of this year, Lilly will lose the U.S. patent protecting its top-selling drug, the antidepressant Cymbalta, which will allow cheaper generic versions to steal its sales. Lilly also lost its U.S. and European patents on its former best-seller, the antipsychotic Zyprexa, in late 2011.
Lilly stock shrugs off analyst downgrade
The drugmaker has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations to big sellers and drug-development setbacks, a Jefferies analyst wrote.
White River path nears completion after $2.7M investment
The 4-mile stretch of the Wapahani Trail will connect White River State Park to a multi-use path on Raymond Street near Eli Lilly and Co.’s 255-acre private park.
EDITORIAL: Pitch Indianapolis to Asian immigrants
Eli Lilly and Co., Cummins and other Indianapolis-area companies could use a little help attracting some of the immigration streaming out of Asia.
Investors brace for lean years from Lilly
In a new round of predictions this month, Wall Street analysts indicated they expect Eli Lilly and Co.’s revenue to fall next year and to remain below 2013 levels until 2020.
Lilly scientists stole $55 million in trade secrets, indictment alleges
Three former employees of Eli Lilly and Co. allegedly transferred trade secrets that Lilly values at more than $55 million to a competing Chinese drug company, according to an indictment unsealed Tuesday in federal court.
Indianapolis named finalist for 2018 Super Bowl
Indy joins Minneapolis and New Orleans as the three NFL cities invited to bid on the big game. The 2012 Super Bowl had a $176 million direct economic impact on the city, a study said.
Lilly volunteer service day blooms into citywide effort
More than 60 companies plan to participate in the three-day Indy Do Day volunteer marathon, which kicks off Thursday in conjunction with Eli Lilly and Co.’s Global Day of Service.
Financial pressures stretching Lilly
In a series of presentations, Lilly executives stretched themselves in four directions at once to convince investors and stock analysts that the company will bend but not break next year, and then snap back stronger than ever in 2015.
Company news
Bring in the relationship experts to label this one. St. Vincent Health and Monroe Hospital in Bloomington have pulled back from their “strategic alignment”—which had St. Vincent managing Monroe’s operations but was a step short of a merger—and will instead settle for a clinical partnership for cardiology, orthopedic and critical care services. Longtime St. Vincent executive Joe Roche, who had led the attempt to integrate the systems, will now become the CEO of Monroe Hospital, starting Monday. “We are appreciative for the opportunity to have explored integration options with Monroe Hospital, and to continue our clinical partnerships to serve the residents of Bloomington and surrounding communities,” Ian Worden, interim CEO of St. Vincent Health, said in a prepared statement. The Bloomington market is dominated by St. Vincent’s archrival, Indianapolis-based Indiana University Health, which owns IU Health Bloomington Hospital there. Monroe, which boasts 32 inpatient beds, was having financial difficulties and had been looking at a partnership with Franciscan St. Francis Health before it struck its deal with St. Vincent last year.
Less-than-expected profit in emerging markets and a decline in the Japanese yen could make it difficult for Eli Lilly and Co. to meet a goal of at least $20 billion in revenue next year, the Indianapolis-based drugmaker said Thursday. But the company said it would cut costs, if necessary, to reach its other 2014 goals of $3 billion in profit and $4 billion in operating cash flow. “I am confident in our outlook to return to a period of growth and expanding margins,” Chief Financial Officer Derica Rice said in a statement. Lilly will also take a hit from Obamacare. The 2010 law, known as the Patient Protection and Affordable Care Act, required drugmakers to give larger rebates to federally funded health plans and will add a tax onto all U.S. sales of prescription drugs. Those impacts, as well as Obamacare's elimination of a tax benefit for retiree drug coverage, will cost Lilly about $500 million this year. But Lilly might also see its sales hampered by the Obamacare exchanges, the online marketplaces that started Tuesday in all 50 states. That's because health insurers, in an attempt to keep premiums low, are creating narrower formularies that exclude some drugs from coverage. Similarly, insurers are creating "narrow networks" that offer coverage for fewer doctors and hospitals.
Indiana University Health plans to eliminate 935 workers in Indianapolis, Carmel, Fishers and Muncie, according to documents filed by the hospital system with the state. The cuts will affect 746 in Indianapolis at Methodist Hospital, Riley Hospital for Children, University Hospital and IU Health Physicians. In Carmel, 67 will be cut at IU Health North Hospital. Two will be trimmed at Saxony Hospital in Fishers. In Muncie, IU Health plans 120 cuts at Ball Memorial Hospital. IU Health employs about 36,000 statewide. It says it's looking to save $1 billion in costs over the next four years. The Indianapolis-based system said last month it must make the cuts because fewer patients have been coming to hospitals, and payment rates for its services have been declining.
Lilly, other drugmakers itching to find new psoriasis treatment
Psoriasis is linked to higher rates of heart disease and diabetes, and a third of patients also develop a form of arthritis. About 125 million people worldwide have the skin condition, including 7.5 million Americans.
Butler students learn by investing $1.2M from endowment
Butler’s 5-year-old, student-managed investment fund is believed to be the single largest such fund among colleges in Indiana. That big pot of money brings pressure on students.
Lilly to buy back $5B as sales goal harder to reach
Eli Lilly and Co. said Thursday that meeting its sale target will be a challenge. It plans to repurchase $5 billion in shares and introduce new diabetes drugs to help navigate through patent losses. Another immediate hurdle: Obamacare.
Company news
The federal Medicare program has decided, at least for now, not to reimburse health care providers who conduct diagnostic imaging tests using an Eli Lilly and Co. imaging agent that can help identify the presence of Alzheimer’s disease. Medicare will pay for those scans if they are part of a clinical trial of a drug and will consider paying for broader use in the future. But Indianapolis-based Lilly, as well as the Chicago-based Alzheimer’s Association, had been hoping for wider reimbursement now. The Alzheimer’s Association noted that it typically takes seven years for a procedure to move from clinical-trial-only reimbursement to broad reimbursement. The narrower use of Lilly’s agent, which is called Amyvid, is a small hit financially for Lilly. The bigger impact is that Lilly hoped wide use of Amyvid could help it and other companies bring drugs to market to treat Alzheimer’s. Since there are currently no effective treatments for the disease, any drug that did help with treatment would be an instant blockbuster. Lilly’s experimental drug solanezumab could have sales topping $4 billion annually if it proves effective in patients with mild Alzheimer’s disease. The drug failed its clinical trials last year when tested in a mix of mild and moderate Alzheimer’s patients, but it showed encouraging results in patients with only mild Alzheimer’s disease. The only way to identify such patients is by using a special kind of imaging test that will show deposits of a protein called amyloid—which is one of two telltale signs of Alzheimer’s disease. The imaging test is called PET, or positron emission tomography. Before Amyvid, however, the only way to view these plaques was during an autopsy.
Cancer drug Erbitux, which is partly owned by Indianapolis-based Eli Lilly and Co., extended the lives of patients with a form of advanced colon cancer more than seven months longer than those taking Roche Holding AG’s Avastin, according to clinical trial results released Saturday. According to Bloomberg News, the results were presented at a scientific conference in Europe by Germany-based Merck KGaA, which sells the medicine outside North America. Lilly and New York-based Bristol-Myers Squibb Co. market the drug in the United States. Erbitux generated sales for Merck of $1.2 billion last year, while Lilly realized $400 million in revenue from the drug in 2012. According to Bloomberg, the findings suggest that Erbitux, already approved in Europe as a treatment for patients with so-called KRAS wild-type tumors, may have a role in a subgroup of patients with so-called RAS wild-type cancer.
Purdue University chemistry professor Graham Cooks, whose research has played a role in the launch of several Indiana startups, was awarded the 2013 Dreyfus Prize in Chemical Sciences, the highest award possible for a chemist, during a ceremony last week. Cooks won the prize and its $250,000 payment for his innovations in the fields of mass spectrometry and analytical chemistry. Cooks and his team have fine-tuned the tools for molecular imaging for cancer diagnostics and surgery; therapeutic drug monitoring; testing for biomarkers in urine; and the identification of food-borne pathogens, bacteria, pesticides and explosives residues. His research has contributed to the technology developed by Griffin Analytical Technologies Inc., Prosolia, Inc. and InProteo LLC.
In a big disappointment, Indianapolis-based Eli Lilly and Co. reported that its experimental cancer drug ramucirumab proved no better than a placebo as a treatment for breast cancer. According to the Associated Press, the Indianapolis-based firm no longer plans to seek regulatory approval for the drug as a treatment for patients with a form of breast cancer that has spread. However, Lilly will seek approval to use ramucirumab in combination with chemotherapy in stomach cancer patients after ramucirumab performed better in a separate study on those patients. Ramucirumab extended both overall and progression-free survival times for patients with advanced gastric cancer. Lilly will seek approval from regulators for that use. It also is studying ramucirumab in colorectal and lung cancers and expects more late-stage research results next year. Ramucirumab is one of Lilly’s best hopes to produce new revenue to offset the loss of sales it has been suffering since the 2011 patent expirations on its then-best-seller, Zyprexa, and the patent expiration coming at year’s end on its current best seller, Cymbalta.
Lilly drug beats Roche’s Avastin in advanced colon cancer
Cancer drug Erbitux extended the lives of patients with a form of advanced colon cancer more than seven months longer than those taking Roche Holding AG’s Avastin.