Lilly pulls back from proposals lowering takeover barriers
Fortunately, a Lilly takeover looks less likely today than it has in a long time—for both obvious and more subtle reasons.
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City to buy key parcel for 16th Street tech corridor
The city of Indianapolis is poised to pay Citizens Energy Group $6.5 million to buy a key parcel of real estate it’s targeting as the centerpiece of its ambitious 16 Tech project.
Lilly warehouse thieves had security report, lawsuit says
A federal lawsuit contends that thieves who broke into an Eli Lilly and Co. warehouse in Connecticut three years ago and stole more than $60 million worth of drugs obtained a copy of a report that revealed weaknesses in the building's security system.
Lilly to spend $180M doubling size of Indy plant
The new investment will bring the plant’s total price tag to $320 million as the pharmaceutical giant seeks to increase production of insulin and related products.
New $100M plan to map human brain could boost Lilly
President Obama on Tuesday announced a campaign designed to develop treatments for some of the least understood brain disorders, an effort that could benefit health care giants Eli Lilly and Co. and others.
Company news
Johnson & Johnson won approval for the first in a new family of diabetes drugs, giving the New Jersey-based drugmaker an edge over Eli Lilly and Co. and other rivals developing similar medicines. On Friday, the U.S. Food and Drug Administration cleared the drug, known as canagliflozin, to treat adults with Type 2 diabetes. It will be sold under the brand name Invokana and may generate as much as $800 million in annual sales, Tony Butler, an analyst at Barclays Plc in New York, told Bloomberg News. The drug is part of a class called SGLT2 inhibitors, which expel sugar in the urine after the kidneys filter it out of the blood. Similar drugs are being developed by Indianapolis-based Lilly, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Co. and AstraZeneca plc.
Medical claims will rise more than 67 percent—the third-highest rate in the nation—for Indiana residents buying individual health insurance policies under President Barack Obama's health care overhaul, according to a study by the Society of Actuaries. The projected increase is partly due to sicker people joining the insurance pool. The study says most states will see increases, and assumes every state will expand its Medicaid program, but that's uncertain in Indiana. The Obama administration says the study ignores subsidies to help with premiums. Middle-class households can buy subsidized insurance in new marketplaces Oct. 1. The report doesn't cover employer plans.
Dow AgroSciences LLC will formally open a 175,000-square-foot building on April 10, which will be home to 200 researchers working on plant biotechnology. Dow AgroSciences first announced the $340 million expansion in March 2010, saying it would lead to an additional 577 high-paying jobs over the following five years. The company, which is a subsidiary of Michigan-based Dow Chemical Co., said most of the positions would pay $65,000 to $95,000 annually. Dow AgroSciences had sales last year of $6.4 billion, and produced earnings before taxes, interest, depreciation and amortization of $977 million.
J&J wins OK for first in new class of diabetes drugs
Johnson & Johnson, the world’s largest seller of health-care products, won approval for the first in a new family of diabetes drugs, giving them the edge against rivals including Eli Lilly and Co. that are developing similar medicines.
Lilly, Boehringer submit diabetes drug to FDA
Eli Lilly and Co. said Monday that it has submitted a new type 2 diabetes treatment it is developing with German drugmaker Boehringer Ingelheim to the Food and Drug Administration.
Company news
Eli Lilly and Co. granted larger bonuses to its top five executives early this year, which boosted the value of their compensation packages 3 percent to 8 percent. John Lechleiter, CEO of the Indianapolis-based drugmaker, saw his overall compensation reduced 10.7 percent because the calculated value of his pension fell. But excluding that on-paper reduction, the actual compensation Lechleiter received for 2012 rose 3.6 percent to $10.2 million. His salary and stock award were unchanged from 2011, but his bonus rose 13.6 percent to nearly $3 million. Chief Financial Officer Derica Rice received a modest increase in salary and a larger bonus. His overall compensation, excluding the pension adjustment, rose 3.3 percent to $5.2 million. Jan Lundberg, the president of Lilly Research Laboratories, enjoyed increases in his salary, stock award and bonus, which boosted his overall pay 8.3 percent to $4.5 million, excluding any pension adjustment.
Hospital officials praised Indiana's medical savings accounts but some consumer advocates panned them March 20 during a public hearing on Gov. Mike Pence’s plan to use the Healthy Indiana Plan to expand Medicaid in Indiana, according to the Associate Press. The Indiana Hospital Association and officials from hospitals around the state said the Healthy Indiana Plan would reduce the amount of indigent care they must provide to uninsured patients. But critics noted HIP isn't available to everyone, and even when it is, it can prove too costly for some low-income Indiana residents needing medical care. "I do not believe it will do what we need to do to cover people," said Rep. Sue Errington, D-Muncie. Pence has proposed using HIP to complete a Medicaid expansion for Indiana residents earning up to 138 percent of the federal poverty level. That's a sliding scale that includes $15,856 for a single individual or $32,499 for a household of four. If the Centers for Medicaid and Medicare Services approves Pence's proposal, it could provide coverage for as many as 400,000 low-income residents. If CMS rejects it, it could end coverage for about 40,000 residents already enrolled in HIP. A decision must to be made by June, six months before the state's current waiver expires. Also, Pence has said he might not sign off on the expansion using HIP even if CMS approves it.
Boehringer Ingelheim GmbH and Eli Lilly and Co. filed for FDA approval of a new anti-diabetes medicine, the two companies announced Monday. The drug, empagliflozin, is known as an SGLT2 inhibitor and fights Type 2 diabetes by removing excess glucose through a patient’s urine by blocking the re-absorption of glucose in the kidney. Several large pharmaceutical companies are trying to bring an SLGT2 inhibitor drug to market. In January, New Jersey-based Johnson & Johnson, won the backing of an FDA advisory panel for its drug, called canagliflozin. Other companies in the SGLT2 race are New York-based Bristol-Myers Squibb Co. and United Kingdom-based AstraZeneca plc. Lilly is helping to develop and commercialize empagliflozin, which was discovered by Germany-based Boehringer Ingelheim. The drug is one of five that Lilly hopes to submit to the U.S. Food and Drug Administration this year.
Bonuses drive up compensation for Lilly’s top brass
Eli Lilly and Co. granted larger bonuses to its top five executives early this year, which boosted their 2012 compensation anywhere from 3 percent to 8 percent.
Court may decide if drugmakers can pay to delay generics
Federal regulators are pressing the Supreme Court to stop big pharmaceutical corporations from paying generic drug competitors to delay releasing their cheaper versions of brand-name drugs. They argue these deals deny American consumers, usually for years, steep price declines.
EDITORIAL: Lilly’s strategy wooed investors
Eli Lilly and Co. shares have more than doubled over the past four years, an impressive run-up that has as much to do with the company’s well-crafted investor-relations message as it does scientific innovation.
Mind Trust awards $1M grants to KIPP, Rocketship
The Mind Trust education reform group has agreed to give $1 million each to two California-based charter school networks that plan to open 12 new schools here in the next seven years.
Profits at center of biosimilars debate
House Bill 1315, which is scheduled for a Senate floor hearing on Monday, would require pharmacists to check with a patient’s physician before automatically substituting a generic version of a biotech drug for a brand-name version.
Profits at stake in fight over generic biotech drugs
House Bill 1315, which is scheduled for a Senate floor hearing on Monday, would require pharmacists to check with a patient’s physician before automatically substituting a generic version of a biotech drug for a brand-name version.
FDA probe of diabetes medications hurts drugmakers’ stock
Shares of several pharmaceutical companies that make diabetes medicines, including Eli Lilly, fell after U.S. regulators warned they are looking into potential risks of drugs in two classes of diabetes treatments.
Ex-Marcadia executive co-founds software firm
A fixture in Indianapolis' startup community, Marcadia Biotech co-founder Kent Hawryluk is backing a project management software firm.
Indiana House panel amends utility rate bill
Indiana manufacturers and consumer groups opposed to a bill that would make it easier for power companies to raise their rates won concessions Wednesday from House lawmakers.
Drugmakers, Interpol ramp up fight against fakes
More than two dozen of the world's largest pharmaceutical companies, including Indianapolis-based Eli Lilly and Co., have agreed to provide funding and other support to Interpol's battle against counterfeit prescription drugs.
Company news
A jury Friday awarded $8.3 million to a former prison guard who accused Warsaw-based DePuy Orthopaedics of knowingly marketing a faulty hip implant that was later recalled, according to the Associated Press. Jurors found that the ASR XL implant was defectively designed and caused metal poisoning and other health problems suffered by Loren Kransky after he underwent surgery in 2007. The fraud and negligence suit is the first of nearly 11,000 similar cases involving an all-metal ball-and-socket hip joint that was pulled from the market two years ago to reach trial in the United States. Others like Kransky claim the implants have left them with crippling injuries or in need of other replacement surgeries. DePuy, a subsidiary of New Jersey-based Johnson & Johnson, has set aside about $1 billion to cover costs of the recall and lawsuits.
Eli Lilly and Co. has built up a stockpile of $21 billion in overseas profits as the nation’s largest drugmakers continue to use accounting mechanisms to avoid paying U.S. taxes. According to an analysis by Bloomberg News, the nation's six biggest drugmakers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas—nearly double the savings they achieved a decade ago. Now those legal practices are getting increased scrutiny from members of Congress. “The right kind of tax reform could do a lot to bring corporate profits back to the United States for investment and job creation,” said Charles Grassley, a U.S. senator from Iowa, in an e-mail to Bloomberg. “The current system provides an incentive for companies to keep money overseas indefinitely.” By moving patents and trademarks overseas, drugmakers can legally record sales of their products in foreign countries, avoiding any U.S. taxes until those profits are brought back into the United States. The maneuvers helped Lilly boost its earnings per share by 16 percent last year, according to Bloomberg. Other companies increased their earnings even more. Lilly declined to comment on the story.
IUPUI students can now pursue an academic minor in neuroscience, in addition to the neuroscience major that began in the fall. The School of Science at IUPUI launched its new neuroscience program to “take advantage of a booming neuroscience industry in Indiana and across the country,” according to a statement issued March 4. The school noted that the Indiana University Health hospital system recently opened a $120 million neuroscience center next to Methodist Hospital. And the IU School of Medicine is building a neuroscience research center next door to the IU Health facility. Neuroscience is one of several fast-growing segments of the life sciences industry in Indiana. A forecast by the Indiana Department of Workforce Development predicts that life scientist positions will increase by more than 22 percent in the next five years.