Lilly CEO to step down temporarily due to surgery
John Lechleiter has been suffering from a dilated aorta, Eli Lilly and Co. said Monday. Current CFO Derica Rice will take his place until later this summer.
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Articles
Biosciences institute aims for $300M endowment
The effort to launch the Indiana Biosciences Research Institute got $25 million from the Legislature, but the life sciences institutions backing the effort have set their funding sights much higher.
Lilly’s sales-force restructuring to affect 1,600-plus
Lilly will eliminate 1,624 positions from its U.S. sales force in July, according to a notice the company made to state officials. But some of those workers may be rehired by the firm.
Lilly taking hard look at Pfizer’s new Viagra strategy
Major drugmakers, including Indianapolis-based Eli Lilly and Co., are closely watching Pfizer Inc.’s plan to sell Viagra directly to consumers. The bold move blows up the drug industry’s distribution model.
Legislative roundup: Session yields mixed bag
The General Assembly’s work left some groups happy, some disappointed.
New seed fund aims to make Indiana a hotbed for digital health startups
Infuse Accelerator hopes to make early-stage investments in 12 to 15 companies a year.
Company news
New WellPoint Inc. CEO Joe Swedish threw cold water April 24 on widespread speculation that he will lead the company through a new wave of hospital and doctor acquisitions. Swedish, 61, had spent his entire career managing hospitals, including the past eight years as CEO of Michigan-based Trinity Health Corp., a Catholic hospital system. But in spite of many questions about the prospect, he’s not looking to get back in that business. “To be clear, I do not currently see vertical integration as a likely path for WellPoint,” Swedish said during an investor conference call Wednesday morning. “The models are so divergent that it just does not seem to be the best use of capital.” Analysts, investors, local health care providers and even WellPoint’s own employees have been asking about the possibility of WellPoint's acquiring hospitals and doctors since Swedish was named in mid-February to replace former WellPoint CEO Angela Braly. Instead, Swedish emphasized that WellPoint is moving to work more closely with health care providers than the confrontational stand that it and most health insurers have taken in the past. But he spoke about new kinds of contracts, rather than acquisitions.
A pharmacy that makes specialty medications is recalling nearly 100 compounded drugs after federal regulators found potential safety problems during an inspection. Nora Apothecary Alternative Therapies of Indianapolis says it is recalling all sterile drugs that have not reached their expiration date. The drugs were made on or before April 19. The company said it initiated the recall after the Food and Drug Administration found quality control problems that threaten the sterility of its products. If compounded drugs are not sterile, they can cause infections, though the company said it has not received any reports of illness.
Record sales of seeds and new crop protection products helped boost Dow AgroSciences LLC revenue 14 percent in the first quarter, leading to record profit. The Indianapolis-based maker of agricultural products, a unit of Michigan-based Dow Chemical Co., brought in $2.1 billion in revenue compared with $1.7 billion a year earlier. Profit in the latest quarter totaled $484 million before accounting for interest, taxes, depreciation and amortization. That was a 7-percent jump from $451 million a year earlier, Dow Chemical reported April 25. Sales of crop protection products swelled 7 percent, driven by gains in North America and Latin America. Sales of seeds, genetic traits and oils rocketed 37 percent, due in part to strong demand for the firm’s genetically modified SmartStax products.
Eli Lilly and Co. said the Food and Drug Administration will perform a priority evaluation of its experimental stomach cancer drug ramucirumab under a program designed for drugs that treat serious or life-threatening diseases for which there are few other therapies. According to the Associated Press, this fast-track status gives companies extra meetings and correspondence with regulators throughout the review process, and it allows the drugmaker to submit data as it compiles it. Lilly is seeking approval for ramucirumab as a second treatment in patients with gastric and gastroesophageal junction cancers that have spread. In the first quarter, Lilly's earnings jumped 53 percent largely due to a $495 million payment for the transfer to former drug development partner Amylin Pharmaceuticals of commercial rights outside the United States for the diabetes treatment exenatide. Lilly earned $1.55 billion, or $1.42 per share, in the three months that ended March 31. Not counting the exenatide payment, Lilly reported adjusted earnings of $1.14 per share. Analysts expected, on average, earnings of $1.05 per share.
WellPoint Inc. reported better-than-expected financial results for the quarter ended March 31. The Indianapolis-based health insurer earned $885.2 million in the first three months of the year, or $2.89 per share. Profit was 3.4 percent higher than in the same quarter a year ago. Excluding investment losses and other extraordinary charges, the company would have earned $2.94 per share, a nearly 26-percent increase over the same quarter last year. On that basis, analysts were expecting profit of $2.38 per share, according to a survey by Thomson Reuters. The higher earnings prompted WellPoint to raise its full-year profit forecast to $7.75 per share, up from its previous prediction of $7.60 per share.
EDITORIAL: Cricket flap exposes flaw
Mayor Greg Ballard’s fascination with the cultures of other countries is one of his endearing qualities.
Lilly suing J&J for patent rights in Alzheimer’s drug race
Eli Lilly and Co. is seeking to revoke a patent held by a Johnson & Johnson unit, arguing at a London court it might delay availability of a potential treatment for Alzheimer’s disease.
Eli Lilly’s profit shoots up despite lackluster sales
The Indianapolis pharmaceutical company left its full-year profit forecast unchanged despite a spike in first-quarter earnings. Revenue fell short of analyst expectations.
Lilly on the rise as investors run back to pharma stocks
Investors are gaining confidence in the ability of major drugmakers, including Eli Lilly and Co., to improve their pipelines of new products. The big pharma firms begin to report first-quarter earnings this week.
Advocates for mass transit may need to ante up
The Indianapolis area’s largest employers have spent millions of dollars studying and promoting regional mass transit, but if the idea is going to get past the Legislature, they might have to put money into the $1.3 billion system as well.
Ballard: New $6M complex will help attract world sports
Mayor Greg Ballard revealed in India Tuesday that Indianapolis hopes to host the inaugural United States Cricketing Championship next year. The venue would be a little-discussed park on the east side undergoing a $6 million transformation.
Company news
Eli Lilly and Co. wants the city of Indianapolis to give it $30.6 million in tax breaks on a $400 million project that includes a new manufacturing facility and improvements to existing operations downtown. The Metropolitan Development Commission will weigh two Lilly requests for 10-year tax abatements at its meeting at 1 p.m. Wednesday. Over the last several months, the pharmaceuticals giant has rolled out plans for a manufacturing plant southwest of downtown where the firm will manufacture cartridges for insulin. Construction is already under way for the 164,000-square-foot plant on South Harding Street, adjoining Lilly’s existing manufacturing complex known as Lilly Technology Center. Lilly’s investment in the project is estimated at $320 million. In addition, it is planning a new inspection facility that will add another 30,000 square feet to the project, plus renovations to existing buildings on the Lilly Technology Center campus and the Lilly Corporate Center. As a result of the project, the firm said it will be able to retain 175 Indianapolis employees who will earn an average of $30.96 per hour, according to the abatement requests. Over the 10-year period of the two abatements, Lilly still would pay $22.2 million in taxes on the new construction, renovations and equipment.
Matrix-Bio Inc., a Fort Wayne-based diagnostics company, has signed a licensing and marketing agreement for a breast cancer test with New Jersey-based giant Quest Diagnostics. Under the agreement, Quest will have the rights to use metabolic breast cancer biomarkers developed by Matrix-Bio to create a new lab test to detect the recurrence of breast cancer. Quest will co-fund clinical studies with Matrix-Bio and, if those are successful, market the test as a lab service in the United States and other countries. Quest also has the option to pursue an appropriate regulatory pathway for an in vitro diagnostic version of the test. Financial terms of the deal were not disclosed.
Two Purdue University professors have received a $3 million grant from the National Institutes of Health to understand why some children grow out of stuttering. They will use their findings to develop a speech therapy screening tool to identify which preschool children are not likely to recover from stuttering and should receive therapy immediately. Professors Anne Smith and Christine Weber-Fox will use the five-year grant to follow 100 children who stutter. Their research, which began with Smith in 1988, has been funded by the NIH's National Institute on Deafness and Other Communication Disorders for more than 25 years and has received more than $13 million in grant awards.
Ball State University's School of Nursing is partnering with Indianapolis-based hospital system Community Health Network to create the Nursing Academy, an accelerated degree program designed to increase the number of registered nurses in Indiana. The Nursing Academy will kick off this fall by offering students classes at Ball State, online and via video conferencing. Its students also will work at Community’s eight hospitals. The Community Health Network Foundation will fund scholarships for the 24 students representing the academy's inaugural class. The academy hopes to ramp up to enroll 48 students each year.
Lilly seeks $30.6M in tax breaks on downtown projects
Indianapolis development officials on Wednesday will weigh the 10-year requests from the pharmaceuticals giant related to a new manufacturing plant and improvements to existing operations downtown.
Analysts: Lilly faces ‘ugly’ period until its pipeline produces
Investor smiles about new experimental cancer drugs and an aggressive play for the animal health market in China turned to frowns after Lilly disclosed deep cuts to its U.S. sales force.
Digital marketers try to cut through clutter
Element Three is among dozens of ad/marketing firms in the city that put digital marketing—in a dizzying array of formats and specialties—front-and-center. Often led by “millennial” types in their 20s and 30s to whom things like social media are second nature, they’re giving ensconced agencies a run for their money.
Expected revenue slump spurs Lilly to cut sales force
The Indianapolis pharmaceuticals giant said Thursday that it would lay off hundreds of U.S. sales reps, as it prepares for the loss of patent protection on two of its best-selling drugs.
Chamber prez Miller resigns after 18 months
Scott Miller, 45, will leave the Indy Chamber after a short tenure that included leading the body through mergers with several like-minded groups. He tells IBJ he felt that he had already accomplished his major goals and wanted to shift to the private sector.