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Articles

WellPoint approves annual ‘say on pay’ measure

May 17, 2011

Shareholders of WellPoint Inc. approved on Tuesday the hefty pay packages of the company’s executives and voted for the right to weigh in annually on future executive compensation.

Company news

May 16, 2011

Eli Lilly and Co. is a two-timing lout, according to a lawsuit filed Monday by Amylin Pharmaceuticals Inc., a San Diego-based company with which Lilly has developed and co-marketed Byetta, a successful diabetes drug. Amylin’s lawsuit accuses Indianapolis-based Lilly of breaking terms of their deal by forming a similar development and marketing agreement with Germany-based Boehringer Ingelheim GmbH to sell a drug that will compete with Byetta. The competing drug, called Tradjenta, was approved for sale this month by U.S. regulators. Lilly and Boehringer formed their agreement in January. Amylin said it plans to continue working with Lilly, but it wants to keep Lilly from using the same sales force to sell both Byetta and Tradjenta. Its lawsuit was filed in U.S. District Court for the Southern District of California. Lilly’s top diabetes executive, Enrique Conterno, called Amylin’s suit “without merit.”

The U.S. Food and Drug Administration requested new data or new studies from Zimmer Holdings Inc., DePuy Orthopaedics Inc., Biomet Inc. and many other makers of orthopedic implants to see if metal-on-metal hip implants raise the level of metals in patients’ blood, according to Bloomberg News. Zimmer, DePuy and Biomet are all based in Warsaw. Zimmer spokesman Garry Clark wrote in an e-mail to Bloomberg News that his company was "working to understand the scope of the agency's request."

Ball Memorial Hospital was losing $9 million a year before Indianapolis-based Indiana University Health acquired it in 2009. Two years later, Ball executives say the Muncie hospital has swung to a $6 million gain, according to The Star Press in Muncie. Ball Memorial executives say they reduced costs via an 18-month pay freeze and by taking advantage of IU Health’s greater buying power. “If Ball Memorial is paying $10 a unit but the next day I can pay $7 because of the IU Health relationship, those cost savings are significant,” Ball Memorial chief Michael Haley told the newspaper. He added that the hospital has worked to increase patient referrals by repairing strained relationships with local physicians, many of whom were referring patients to hospitals in Fort Wayne or Indianapolis.

A consumer advocacy group says Eli Lilly and Co.’s Amyvid, an experimental imaging agent to help doctors detect Alzheimer’s disease in patients’ brains, shouldn’t be approved because it could lead to false diagnoses of the disease, according to Bloomberg News. Public Citizen, based in Washington, D.C., voiced its concerns in a letter in the Journal of the American Medical Association, criticizing a 35-person study of Amyvid published in January. Amyvid, which Lilly acquired last year in a $300 million purchase of Avid Radiopharmaceuticals Inc., was recommended in March by a U.S. Food and Drug Administration advisory panel—if Lilly developed a training program to help doctors interpret brain scans in which the agent lights up clusters of amyloid plaques, the telltale sign of Alzheimer’s. Currently, such plaques can only be observed in autopsies of deceased Alzheimer’s patients. But Public Citizen wants Amyvid tested by more doctors in more patients, because it says results so far have been unreliable. Lilly officials called the group’s claims “inaccurate.”

Lilly rejected by Supreme Court in Gemzar patent case

May 16, 2011

The justices Monday left intact a federal appeals court decision invalidating a patent that would have protected Gemzar from generic competition in the U.S. until May 2013.

Amylin sues Lilly over drug development deal

May 16, 2011

Amylin Pharmaceuticals Inc. said Monday it filed a lawsuit against Eli Lilly and Co., accusing the larger drugmaker of breaking their commercialization deal for diabetes drugs by teaming with the German company Boehringer Ingelheim to develop and sell a competing product.

Purdue professor analyzes risk, dissects failures

May 12, 2011

For 25 years, Venkat Venkatasubramanian, the Reilly professor of chemical engineering at Purdue University, has studied how to keep horrendously complicated, excruciatingly twitchy technological edifices from collapsing under their own weight.

Eli Lilly’s slumbering stock finally shows signs of life

May 12, 2011

Is it finally time to get some growth again out of a stock that since its debut on the public market 59 years ago has minted thousands of millionaires?

New Fountain Square brewery shoots for August opening

May 12, 2011

The owners of a new microbrewery in Fountain Square, slated to open by mid-August, plan to differentiate the business by focusing on the "convergence of art and science" in brewing.

Performing arts center extends CEO’s contract

May 11, 2011

The Center for the Performing Arts in Carmel has extended CEO Steven Libman’s contract through 2016, the board of directors announced Wednesday.

Lilly drug to detect Alzheimer’s criticized by consumer group

May 11, 2011

Eli Lilly and Co.’s Amyvid, an experimental imaging agent to detect signs of Alzheimer’s disease in the brain, shouldn’t be approved because of unreliable study results, a consumer-advocacy group said.

Two wins to bring Lilly modest sales

May 6, 2011

Finally, some new revenue. Eli Lilly and Co. will enjoy modest new sales later this year after U.S. regulators approved a new diabetes drug developed by a partner company, and another company nears approval on a drug that will produce royalties for the Indianapolis-based drugmaker.

Eli Lilly pledges $2.5 million to Mind Trust

May 5, 2011

Eli Lilly and Co. plans to give $2.5 million toward a new fundraising campaign by the Mind Trust, an Indianapolis-based education reform group.

FDA OKs new diabetes pill from Lilly, Boehringer

May 2, 2011

The Food and Drug Administration says it has approved a new diabetes pill from Boehringer Ingelheim and Eli Lilly for patients who can't control their blood sugar with older medicines.

Industrial support for utility sale to cost $1.5 million

April 29, 2011

The price to get big industrial firms like Eli Lilly and Co., National Starch and Rolls-Royce Corp. to support the sale of the city’s water and sewer utilities to Citizens Energy Group is at least $1.5 million.

Should the mayor have control of Indianapolis’ public schools?

April 28, 2011

A group of local power brokers is quietly assembling a plan that would transfer control of Indianapolis Public Schools to the mayor.

Who’s Who in Commercial Real Estate – 2011

April 28, 2011

Every business sector has influential players, whether they are in the public eye or wield their influence behind the scenes. IBJ is identifying those people in eight different industry categories. Up this month: commercial real estate.

Court blocks generic versions of Lilly’s Cymbalta

April 28, 2011

Eli Lilly and Co. said Wednesday that a federal court is blocking low-cost generic versions of Cymbalta from the market until the patents supporting the drug expire.

Lilly teams with Medtronic on Parkinson’s treatment

April 26, 2011

Eli Lilly and Co. plans to use an implantable drug-delivery system made by Medtronic Inc. to precisely target patients' brains with an experimental drug for Parkinson’s disease.

Pentagon pulls plug on Rolls-Royce engine project

April 26, 2011

Congress and the General Electric/Rolls-Royce group that was developing the engine were notified of the termination decision Monday. Rolls-Royce had about 130 people, mostly engineers, working on the F-35 project in Plainfield and Indianapolis.

Company news

April 25, 2011

Bedford Regional Medical Center will receive a $46.8 million community facility direct loan from the U.S. Department of Agriculture to construct a new critical access hospital, according to an announcement from U.S. Sen. Dick Lugar’s office. Bedford Regional is owned by Indianapolis-based Indiana University Health, and is one of two hospitals in the southern Indiana town.

Indiana University Health ranked as the fourth-busiest transplant center in the nation, according to new data from the U.S. Organ Procurement and Transplantation Network. The Indianapolis-based hospital network performed 500 organ transplants last year, an uptick from 483 transplants in 2009. In three categories—intestine, pancreas and kidney-pancreas—IU Health ranked No. 1in the nation for volume of transplants. IU Health also ranked third in abdominal organ transplants, sixth in liver transplants, and ninth in kidney transplants. IU Health, formerly known as Clarian Health, has ranked as one of the nation’s top 10 busiest transplant centers since 2003.

A proposal that would have weakened Eli Lilly and Co.’s defenses against an unwanted takeover failed to pass April 18 despite a large majority of shareholders voting to remove those barriers for the second straight year. At the drugmaker’s annual shareholders meeting at its Indianapolis headquarters, 84.7 percent of the votes cast called for removing several provisions designed to prevent a hostile takeover of the company. However, Lilly’s bylaws require approval from 80 percent of all shares—whether voted or not—before removing the provisions. By that standard, only 72.6 percent of shares were voted in favor of removal. The vote tallies were nearly identical to those at last year’s meeting. For the past 25 years, Lilly has required the approval of 80 percent of the shareholders not only to approve hostile takeovers, but also to enact measures used to achieve them, such as removing directors before their terms end or expanding the size of the board. If the proposal had passed, such measures could have been approved by a bare majority of shareholders.

EDITORIAL: Township reform must not fail again

April 21, 2011

With property tax caps putting the squeeze on budgets, it’s foolhardy for townships to be sitting on millions that could be funding needed services.

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