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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.
Economy could lift drug, device firms
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
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
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
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
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
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
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
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.