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February 20, 2012

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.

Economy could lift drug, device firms

February 20, 2012

The U.S. economy is showing signs of bouncing back and, if it does, look for drugmakers and medical-device companies to benefit. But if the economy has another summer stall like last year, expect health insurers to benefit.

Hospitals’ impact less than reported

February 20, 2012

After years of screaming by employers that spiraling health care spending is crimping their profits and forcing them to hold down wages, the economic impact study released last week by Indiana University Health suggests health care spending is an unmitigated blessing to the Indiana economy.

EDITORIAL: BioCrossroads an example of vision at work

February 16, 2012

We hate to think what Indiana’s economic future might be if no one had made a point of putting the state’s life sciences assets to work in a coordinated, strategic way.

City aims to erase surface parking for developments

February 16, 2012

Several downtown surface parking lots are targeted for redevelopment, with a couple already well on their way to being filled with a mixture of commercial and residential projects.

BioCrossroads has stoked state’s life sciences industry, but challenges remain

February 9, 2012

In the 10 years BioCrossroads has been promoting life sciences in Indiana, the effort has netted more than 330 new companies, an infusion of more than $330 million in venture capital, a tripling of exports, and a growing number of mentions in national reports on life sciences.

Host committee CEO Melangton ponders next play

February 9, 2012

Allison Melangton and her Super Bowl Host Committee staff helped turn a one-day football game into a 10-day celebration that attracted 1.1 million people downtown and millions in visitor spending. But with the game over, Melangton, doesn’t know where her own career path will lead.

Company news

February 6, 2012

Eli Lilly and Co. will freeze base pay for most of its 38,000 workers this year, as the October 2011 patent expiration on its former best-seller Zyprexa has hammered finances. Lilly already eliminated 5,500 jobs in preparation for the generic competition to Zyprexa, an antipsychotic pill. But the pay freeze is the company’s next move to try to weather the storm caused by a string of patent expirations on five of its best-selling drugs, including the looming loss of its new best-seller, the antidepressant Cymbalta, at the end of 2013. The pay freeze also applies to top executives, Lilly disclosed in its preliminary proxy statement, filed Feb. 3. Overall compensation for Lilly’s top five executives fell slightly in 2011, the company disclosed. CEO John Lechleiter earned a salary of $1.5 million, unchanged from 2010, and total compensation of $16.4 million, down slightly from the previous year. Lechleiter has resisted buying another large company to mask Lilly’s looming sales loss, instead betting on the company’s research team to deliver new blockbusters. Also, Lilly has made several smaller acquisitions, and is currently rumored to be vying with five other rivals to acquire the Turkish drugmaker Mustafa Nevzat Ilac Sanayii.

Indianapolis-based Home Health Depot Inc. has acquired a majority stake in Iowa-based Advanced Rehab Technologies LLC, a provider of rehabilitation equipment. Financial terms of the deal were not disclosed. The three owners of the company will continue to manage it under Home Health Depot’s oversight. Advanced Rehab was founded 10 years ago. Home Health Depot had 2010 revenue of $13.8 million, according to IBJ research, ranking it the fifth-fastest-growing private company in the Indianapolis area. Home Health Depot also ranked last year as No. 736 on Inc. magazine’s list of the nation’s fastest growing companies.

Warsaw-based Symmetry Medical Inc.’s former CEO will return $450,000 in pay and stock proceeds to resolve U.S. Securities and Exchange Commission claims that he profited from accounting fraud by a United Kingdom unit, according to Bloomberg News. Brian S. Moore received the compensation based on financial results that were inflated by a scheme in which employees inflated financial results in 2005 and 2006 at Symmetry’s Thornton Precision Components Ltd. subsidiary, the SEC said in a complaint filed Jan. 30 in federal court in South Bend. The agency also settled claims against Symmetry Chief Financial Officer Fred L. Hite, who will pay $210,000. “It is important to emphasize that the SEC did not accuse Mr. Moore of any wrongdoing,” Russell G. Ryan, an attorney for Moore at King & Spaulding LLP, said in an e-mail statement. “He is glad to have put the matter behind him.”

Indianapolis-based Dow AgroSciences LLC reported record fourth quarter and annual revenue on strong sales of new products and above-average growing seasons. Fourth-quarter revenue grew 5 percent, to more than $1.3 billion, compared with the same period in 2010. For the entire year, sales increased to $5.7 billion. Earnings before interest, taxes, depreciation and amortization were $145 million in the quarter ended Dec. 31, a fourth-quarter record and double the $72 million reported for the 2010 period. The company, a unit of Midland, Mich.-based Dow Chemical Co., reported sales and volume gains in all geographic areas, led by Latin America.

Health care VC hits new Indiana low in 2011

February 6, 2012

Indiana companies landed just $14.1 million in venture funding last year, the lowest amount of capital flowing to the state’s health care sector since BioEnterprises began tracking such deals in 2005.

Lilly freezes salaries as generics erode Zyprexa sales

February 4, 2012

Eli Lilly and Co. will freeze salaries for most employees worldwide this year, as sales of its best-selling drug declined faster than expected after losing patent protection.

Drugmakers singing same song: 2012 will be tough

February 3, 2012

For drugmakers, the golden era of the 1990s and early part of the last decade, when they seemed to effortlessly churn out new multibillion-dollar pills for the masses along with double-digit quarterly profit increases, is not even in the rearview mirror any more.

Sale of storied bank reflects industry’s difficult times

February 2, 2012

John Keach Jr., the third generation of his family to lead Indiana Bank & Trust, looked into the future and wondered how—given the lackluster economy and increasing costs for everything from employee benefits to regulatory compliance—it would generate robust earnings growth.

2012 Forty Under 40: Daniel M. Lechleiter

January 31, 2012

From the time he started building things with Legos, Daniel Lechleiter, 32, expected to become an engineer. But at the University of Dayton, he glimpsed the future of engineering and didn’t see himself in it.

2012 Forty Under 40: Ryan Kitchell

January 31, 2012

Ryan Kitchell, 38, didn’t expect to be overseeing health plans for Indiana University Health and its 80,000 members. But he’s found himself in unexpected places before, with good results.

Lilly eying deal with Turkish drug company

January 31, 2012

Eli Lilly and Co. is among about a half-dozen companies interested in buying a stake in Mustafa Nevzat Ilac Sanayii AS in a deal that may value the Turkish drugmaker at $1 billion, sources say.

Lilly’s quarterly profit tumbles, but tops Wall Street estimates

January 31, 2012

Patent expirations on Gemzar and Zyprexa contributed to the 27-percent earnings decline, but CEO John Lechleiter touted better-than-expected sales of other products.

Company news

January 30, 2012

After 15 years of increasing yelps from primary care doctors, WellPoint Inc. is finally launching a plan to pay more for the family doctor’s time. The Indianapolis-based health insurer said Jan. 27 that it will increase the fees it pays to primary care specialists and even start paying for such services as crafting care plans for patients with complex medical problems. It also will offer doctors an opportunity to share in some savings when better patient care leads to a reduction in costs. An example of what WellPoint has is mind is paying doctors to take the time to coach overweight patients who have diabetes to develop an exercise plan and then making sure they stay on it. "It makes the physician the kind of physician their patient wants them to be," Jill Hummel, WellPoint's vice president of payment innovation, told the Associated Press. WellPoint reasons that by spending more at the primary care level, it can cut down on emergency room visits and hospital admissions—which are the most expensive types of care. Primary care doctors say low reimbursement rates force them to cram as many patient visits as possible into a typical day in order to make enough money to stay afloat. That keeps them from spending more than a few minutes with each patient. For a time, physicians made extra money by starting their own imaging and diagnostic centers. But health plans—both governmental and private—sharply curtailed payments to physician-owned facilities, sharply curtailing that source of revenue.

The third time’s a charm. California-based Amylin Pharmaceuticals Inc. and Massachuetts-based Alkermes Inc. succeeded in their third attempt to gain U.S. clearance for Bydureon, a once-weekly version of Amylin’s Byetta diabetes shot. The companies had been developing Bydureon with Eli Lilly and Co. until November. But Indianapolis-based Lilly broke off its partnership with Amylin after the two companies feuded over Lilly’s agreement to sell a competing diabetes medicine with Germany-baseed Boehringer Ingelheim GmbH. Amylin also agreed to make a one-time payment of $250 million to Lilly and to pay as much as $1.2 billion in royalties based on future sales of Bydureon and Byetta. In the meantime, Lilly is working to develop its own version of Bydureon, which is called dulaglutide. In 2010, Byetta produced revenue of about $700 million for the two companies, but its market share had been dented significantly by a once-daily version of the medicine, called Victoza, which was launched in 2010 by Denmark-based Novo Nordisk A/S.

Actress Florence Henderson—better known as Carol Brady from “The Brady Bunch”—will star in a series of advertisements for American Senior Communities LLC, an Indianapolis-based chain of nursing homes and long-term care facilities. The campaign will debut statewide this week in television, radio and print. Henderson, a native of Dale, currently hosts “The Florence Henderson Show” on Retirement Living Television and recently released her autobiography, “Life is Not a Stage.” Henderson previously served as a spokeswoman for Oldsmobile, Polident, Tang, Rain Soft, Pepsi and Wesson Oil. The advertising campaign was created and produced by Indianapolis-based marketing firm Bohlsen Group.

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Articles

Company news

Economy could lift drug, device firms

Hospitals’ impact less than reported

EDITORIAL: BioCrossroads an example of vision at work

City aims to erase surface parking for developments

BioCrossroads has stoked state’s life sciences industry, but challenges remain

Host committee CEO Melangton ponders next play

Company news

Health care VC hits new Indiana low in 2011

Lilly freezes salaries as generics erode Zyprexa sales

Drugmakers singing same song: 2012 will be tough

Sale of storied bank reflects industry’s difficult times

2012 Forty Under 40: Daniel M. Lechleiter

2012 Forty Under 40: Ryan Kitchell

Lilly eying deal with Turkish drug company

Lilly’s quarterly profit tumbles, but tops Wall Street estimates

Company news

Lilly’s ex-partner wins FDA approval for diabetes drug

Eli Lilly unit plans to buy feed-enzyme maker

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