Airport execs’ globetrotting sparks scrutiny
Indianapolis Airport Authority CEO John Clark and two key officers spent more than $67,000 last year on travel that included extended business trips to Brazil, Denmark, Greece, Morocco and Switzerland.
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Articles
Activist trying to fill gaps in hunger-relief system
Hunger-fighting charities hope to tap volunteers and resources for special projects through a new entity, the Indy Hunger Network.
Thirty-five teams apply for $1M Mind Trust grants
The winners’ mission will be to launch successful charter schools and replicate those schools at three or four additional locations around Indianapolis.
Indianapolis bond bank chief Kintner is clutch hitter
Deron Kintner has stepped up to fund a string of high-profile real estate projects at a time when private-sector financing is scarce.
Local businesses open wallets for tornado relief
Spurred by fundraising campaigns by local television stations, more than $1 million has been raised to help victims of last week’s devastating tornadoes in southern Indiana. In addition to doing a good thing, the stations are getting a marketing boost from their efforts.
Rolls-Royce plans $42M local investment, more jobs
Rolls-Royce Corp. plans to invest $42 million to set up a new manufacturing plant in Indianapolis and create 100 jobs by 2014, the company announced Tuesday morning.
Lilly to try again to remove poison-pill provisions
Eli Lilly and Co.’s board is once again recommending the removal of a provision that makes the company an almost impossible target for hostile takeovers. The same proposal has fallen slightly short at each of the past two annual shareholder meetings.
Anthem seeking state rule change allowing doctors to practice online
Anthem Blue Cross and Blue Shield has renewed its push to bring online care to the Indiana market, including video. It has asked the state’s Medical Licensing Board to relax a 2003 rule that stands in its way.
Lilly settles Zyprexa marketing suit for $1.4 billion
Indianapolis-based Lilly pleaded guilty to one violation of the Food, Drug and Cosmetic Act on Thursday and agreed to pay $1.42 billion to settle both that criminal charge as well as civil lawsuits in which it did not admit wrongdoing.
New drugmaker code deprives docs of football, lunch for 2
Doctors can still get free samples of medicines, but not football tickets or lunch for their spouses, under a revised code of conduct drafted by a global drug industry trade group that counts Eli Lilly as a member.
WOUDENBERG: Taking one’s chances with vaccinations
While certainly not fun, a case of the measles rarely causes death.
CARTER: Community enthusiasm palpable with eco causes
Indianapolis is beginning to focus on environment, livability.
Local PNC Bank exec joining law firm Krieg DeVault
Stephen A. Stitle will leave the bank to come aboard the law firm as a partner on May 1. Stitle has spent a combined 17 years at PNC and National City Bank, which PNC purchased in 2008.
Company news
Eli Lilly and Co. plans to invest about $440 million in a new drug plant at an existing company site in southern Ireland, according to Bloomberg News. The new facility in Kinsale in County Cork will require as many as 200 skilled employees when fully operational, according to a statement on economic development organization IDA Ireland's website. Indianapolis-based Lilly will begin construction on the 240,000-square-foot manufacturing facility next month and plans to have it operational by late 2013, according to the Belfast Telegraph. Lilly already employs about 700 people at four sites in Ireland. Its first plant in the country opened in 1981. The company opened the Kinsale campus in 2010 after announcing it would spend about $360 million on the project. The existing Kinsale facility manufactures active ingredients in treatments for cancer and diabetes. Lilly employs about 38,000 people worldwide.
As expected, SynCare LLC has filed for Chapter 7 bankruptcy protection. The once fast-growing, Indianapolis-based disease-management company listed in court papers liabilities of nearly $5.7 million and assets of just $125,864. The company’s decline pushed CEO Stephanie DeKemper into personal bankruptcy in late December, with the company itself expected to follow. SynCare’s largest secured creditors include Fifth Third Bank, which provided two loans totaling $850,000 to the company. Unsecured creditors include Bank of America, with a claim totaling $676,964, and Centene Corp. in St. Louis, which provided SynCare a loan totaling nearly $1.5 million. SynCare effectively ceased operation in September after it withdrew from a major contract it had with the Missouri Medicaid program. Also earlier last year, Centene—which was both a client and a lender to SynCare—stopped funding the company’s operations. SynCare used nurses and social workers to call and visit Medicaid patients to evaluate their needs and teach them how to handle their health issues, in order to avoid expensive hospitalizations.
Profit at CNO Financial Group Inc. was flat in the fourth quarter, but the Carmel-based life and health insurer still beat analysts’ predictions. CNO Financial announced Feb. 22 that it earned $73 million, or 26 cents per diluted share, in the three months ended Dec. 31. In the same quarter a year ago, the company earned $168.2 million—of which $95 million was one-time gain from an accounting adjustment. Excluding investment gains, CNO’s operations generated $60.1 million, or 22 cents per share, in its most recent quarter. On that basis, Wall Street analysts were expecting CNO to earn 19 cents per share in the quarter, according to a survey by Thomson Reuters. CNO’s revenue totaled $1.05 billion in the fourth quarter. That was 2 percent lower than the same quarter last year, driven by lower investment gains and income. Analysts were expecting only $1.01 billion in revenue.
Lilly plans 200 jobs at new $440M Ireland plant
Eli Lilly and Co. plans to invest about $440 million in a new pharmaceutical plant at an existing company site in County Cork in southern Ireland. The facility in Kinsale will require as many as 200 skilled employees when fully operational.
CityWay designed to integrate retail, housing, hotel, YMCA
Architects were told to push the envelope and integrate. Be mindful of where you are in the city and integrate well.
Company news
Eli Lilly and Co.’s osteoporosis drug Forteo was used in the first successful human trial of an implantable device that delivers injectable drugs—showing promise for eliminating the need for regular shots. Massachusetts-based MicroCHIPS Inc. implanted wirelessly controlled drug-delivery devices in women with osteoporosis. The devices delivered daily doses of Forteo into the women’s bloodstreams. The device could be helpful for Lilly and its peers, who are trying to develop more biotech drugs like Forteo. Such drugs are typically made up of large proteins, which cannot be reduced to pill form and must instead be injected. Many patients resist taking injectable drugs and many do not fully comply with their prescribed regimens.
A Cicero-based developer plans to build a $15.7 million senior health care center at 16th Street and Arlington Avenue on Indianapolis’ east side. The city’s Metropolitan Development Commission approved the project Wednesday after accepting Mainstreet Property Group LLC’s offer to purchase the property for $912,500. Mainstreet plans to begin construction in July and finish by June 2013. The facility would include 100 beds for skilled care, short-term rehabilitation and assisted-living patients. The facility is expected to create up to 150 jobs, said Zeke Turner, Mainstreet’s CEO. Overall, the company owns or co-owns 13 senior health care centers in Indiana, Illinois and Ohio, and has six more under development. It plans to break ground on as many as 12 centers by the end of the year, including a $13.3 million facility in Westfield, Turner said.
Marian University is looking to hire as many as 25 professors to help launch its College of Osteopathic Medicine, which is slated to open in August 2013. The school, which would be Indiana’s second medical school, would train 150 physicians each year. Marian, a small Catholic university in Indianapolis, wants to hire as many as three professors in each of seven disciplines: anatomy, biochemistry, microbiology, immunology, physiology, pharmacology and pathology.