Maturing Chinese market gives WellPoint new prospects
Premiums for private health insurers in China are expected to rise to $90 billion by 2020 from $9 billion now, and WellPoint Inc. is angling for a big piece of that pie.
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Demographic shift steers Lilly’s Asian operations
China remains a small market for Eli Lilly and Co. It generated $320 million in sales for the company in 2010, just 1.3 percent of its $23 billion in sales worldwide. But Lilly has big ambitions in China and is racing to capitalize on its rapid economic growth.
Pentagon issues 90-day stop-work order on GE-Rolls engine
The U.S. Defense Department on Thursday directed General Electric Co. and Rolls-Royce Group Plc to halt work on a second engine for the F-35 Joint Strike Fighter until there is more explicit direction in the fiscal 2012 budget.
Panel backs Indiana gay marriage ban amendment
The Senate Judiciary Committee advanced the amendment on a 7-3 party line vote Wednesday, with Republican senators rejecting arguments that language prohibiting civil unions could threaten the ability of employers to offer domestic partner benefits.
Company news
Zimmer Holdings Inc. and Biomet Inc., both based in Warsaw, are among the bidders for AstraZeneca Plc’s Astra Tech, a Swedish unit that makes dental implants and medical devices, reported Bloomberg, citing two people with direct knowledge of the matter. Astra Tech may sell for $1.8 billion to $2.1 billion, according to a research note by analysts at Sanford C. Bernstein. Astra Tech, which also makes medical devices for urology and surgery, had sales last year of $535 million. It employs 2,200 and operates in 16 markets. Separately, Zimmer won a $13.5 million contract to sell orthopedic implants to the U.S. Department of Defense. The new contract is guaranteed for one year, with the possibility of four one-year renewals.
Elanco, the animal health unit of Indianapolis-based Eli Lilly and Co., which this month agreed to acquire Johnson & Johnson’s European animal health unit, also had its eyes on another target, according to a Reuters report. A now-abandoned joint venture between the animal health businesses of New Jersey-based Merck & Co. Inc. and France-based Sanofi-Aventis SA anticipated selling off some assets for roughly $1 billion, according to unnamed sources cited by Reuters. The news agency reported that Elanco paid roughly $300 million to Johnson & Johnson, in order to acquire 50 animal health medicines sold under the name Janssen Animal Health. Elanco is the world’s fourth-largest animal health company, with $1.4 billion in annual revenue.
How’s this for financing drug development? Even though it hadn’t brought a single product even close to the market, Carmel-based Marcadia Biotech Inc. was sitting on $37 million in cash when it agreed to sell itself in December to Switzerland-based Roche. The money piled up not from venture capitalists but through Marcadia’s research partnerships with large pharmaceutical companies, primarily with New Jersey-based Merck & Co. Inc. “Our venture-capital firms were going crazy. They never had a company that had to pay taxes,” said Fritz French, former CEO of the 11-person firm, which had attracted $15 million from investors early in its existence. French and his management team sold Marcadia for $287 million, with the possibility of reaping $250 million more if one of Marcadia’s experimental diabetes drugs makes it to market.
Elkhart General Healthcare System and Memorial Hospital and Health System of South Bend have agreed to merge. The two hospitals signed a memorandum of understanding to develop a parent organization that will operate both systems. Memorial CEO Phil Newbold will lead the combined organization. According to Newbold, the affiliation will attract more physicians to engage with the new system and help direct its future. “Together, Elkhart General and Memorial will have more than 700 highly skilled, well-trained physicians on staff. This shared medical expertise will enable us to attract even more specialized professionals to the area and produce the region’s highest quality of care,” Newbold said. Memorial Hospital boasts 526 beds. Elkhart General has 325 beds.
Drugmakers call off animal-health deal, possible asset sale
Drugmakers Merck & Co. and Sanofi-Aventis SA have abandoned plans to combine their animal-health businesses after wrestling with regulators for a year over potential divestitures.
Indianapolis-based Eli Lilly and Co. was among a list of possible suitors for about $1 billion in assets the two companies considered selling.Marcadia Biotech principals ponder next course
Marcadia execs French, Hawryluk reflect on massive growth of Carmel firm after sale to Roche.
Rolls-Royce gives downtown office market a bounce
The decision by Rolls-Royce Corp. to occupy Eli Lilly and Co.’s Faris office campus downtown headed off what could have been a big spike in the central business district Class A office vacancy rate.
Regulators delay approval of Lilly’s Alzheimer’s screen
The Food and Drug Administration said Lilly needs to create a training program to ensure brain scans are interpreted properly.
Foundation defends risky, stock-heavy strategy
The Health Foundation of Greater Indianapolis is an aggressive supporter of charities that serve people with HIV and AIDS, but that aggression—in the form of a risky investment strategy and big payouts—almost led to its demise.
EDITORIAL: Democrats test public patience
The stalemate that sent Democrats across state lines more than four weeks ago started as a principled stand against a Republican overreach. But it’s the Democrats who will be remembered for overreaching.
Research jobs could flow from Purdue quad
Purdue University officials and others connected with the life sciences in Indiana say the planned $164 million Life and Health Sciences Quadrangle at the West Lafayette campus will mean high-paying jobs, retention of highly skilled scientists, and researchers who might well have left the state for either coast.
PROXY CORNER: Eli Lilly and Co.
Eli Lilly and Co., Lilly Corporate Center, Indianapolis, 46285 (www.lilly.com) discovers, develops, manufactures and sells pharmaceutical products for humans and animals.
Trade agency to probe Lilly’s infringement claim
Eli Lilly and Co.’s patent-infringement claim over Hospira Inc.’s generic version of the cancer treatment Gemzar will be investigated by a U.S. trade agency with the power to block imports of the copycat drug.
INSIDE DISH: Cafe bolsters base of Turkish food fans
Ascending from server to owner of Bosphorus Istanbul Cafe, Orhan Demirtas has leveraged a relationship with Eli Lilly and Co. to diversify revenue, and solidified his base by opening a new breakfast cafe and hookah bar.Gay marriage ban amendment worries Lilly, Cummins
Two of Indiana's most-prominent companies told a state Senate committee they feared their ability to recruit top employees could be hurt by a proposed constitutional amendment that would ban gay marriage and civil unions.
CARLSON: ‘Nerdy’ Daniels needs to turn laughs into votes
When someone as staid as Indiana Gov. Mitch Daniels turns out to have a sense of humor about himself, it may be time to take him seriously.
Lechleiter: After the deluge, we’ll be fine
Eli Lilly and Co. CEO John Lechleiter visited Japan last week—three days before the massive earthquake—to deliver his tried-and-true message: Drug companies need to reinvent invention, governments needs to support innovation, and Lilly will be just fine after it has sustained the damage of the next three years.
Company news
Republicans in the state Legislature are advancing a budget that would carve $7 million a year from the Indiana Medicaid plan by creating a list of preferred mental health drugs based at least partly on rebates negotiated with drug manufacturers, according to the Associated Press. Indiana is one of only nine states that does not have such a list. But groups representing doctors and patients say the money-saving could be eaten up if patients suffering from mental illnesses are unable to get the drugs they need, possibly leading to expensive hospital stays or even run-ins with police. Medicaid enrolls more than 1 million low-income Hoosiers in such programs as Hoosier Healthwise for children and pregnant woman, the Healthy Indiana Plan for uninsured, and Care Select for the disabled. The provision in the budget bill would require doctors to seek prior authorization from Medicaid to prescribe drugs not on the authorized list. However, psychiatrists would not need prior authorizations.
Elanco, the animal health division of Eli Lilly and Co., has agreed to acquire Jannsen Animal Health, a subsidiary of New Jersey-based Johnson & Johnson, pending regulatory approval. Financial terms of the deal were not disclosed. But Elanco, based in Greenfield, would acquire about 50 animal health products that Janssen sells in Europe, mostly focused on pigs, poultry and pets. Elanco also would bring on an unspecified number of Janssen’s employees. Elanco currently employs 2,300 people in more than 40 countries. Lilly has been trying to grow its animal health business through acquisitions in order to build up revenue expected to be lost late this year when its best-selling human drug Zyprexa faces competition from cheaper generic copies. They will sap most of Zyprexa’s $5 billion a year in sales. Last year, Elanco pulled in revenue of nearly $1.4 billion, up 15 percent from the previous year. Elanco’s drugs are mainly for pigs, poultry, cows and pets.
Rolls-Royce moving 2,500 workers downtown
The British-based company will move the office workers later this year to a downtown Indianapolis office building on South Meridian Street formerly occupied by Eli Lilly and Co.