Lilly’s profits fall, miss analyst expectations
The Indianapolis-based drugmaker says a weaker dollar depressed earnings in the fourth quarter compared with a year ago.
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The Indiana University School of Medicine in Indianapolis will be one of 12 sites for a clinical trial
of a potentially groundbreaking treatment for autism. New York-based Curemark LLC has developed an ingestible powder designed
to help patients digest protein. The drug is the product of research by Curemark founder Dr. Joan Fallon, who found that many
autistic children lack enzymes to digest protein, meaning their bodies cannot produce the amino acids crucial in brain development.
If it proves effective against autism, the powder, called CA-MT, would be the first treatment to reverse the underlying causes
of autism.Hopes rose Tuesday that Eli Lilly and Co. and its partner Amylin Pharmaceuticals Inc.
will win approval of their new version of diabetes treatment Byetta. That’s because the U.S. Food and Drug Administration
on Monday approved a Byetta rival, Victoza, developed by Denmark-based Novo Nordisk A/S. Victoza is a once-daily shot, compared
with the twice-daily Byetta. But Indianapolis-based Lilly and San Diego-based Amylin have asked the FDA to approve a once-weekly
version of Byetta, which would be the most convenient for patients. Analysts expect sales of once-weekly Byetta to reach as
high as $2 billion by 2015, which would be split by Lilly and Amylin. Sales of twice-daily Byetta last year were on pace to
reach about $790 million. What’s been holding up Victoza and the once-weekly Byetta have been regulator concerns about
patients developing inflammation of the pancreas while taking the drugs. The FDA required Victoza’s label to warn about
pancreatitis as well as use in patients at risk for a rare thyroid cancer. Those warnings were milder than many analysts had
feared. One analyst expects the FDA to make a decision on once-weekly Byetta by March 5.Warsaw-based Symmetry
Medical Inc. will manufacture implants, instruments and cases for OrthoPediatrics Corp., another
Warsaw-based company that makes orthopedic implants for children. Symmetry expects to bring in $3 million in revenue from
the deal this year. Symmetry also will receive fees for inventory management, warehousing and supply-chain management services.
The agreement will last for five years.Lilly looks to autoimmune drugs
Two local researchers show why Eli Lilly and Co. and its peers are interested in developing medicines to treat automimmune
diseases: The costs of treating them are growing twice as fast as the prescription drug market.Health care reform dead; long live reform
Massachusetts’ election of a Republican senator has put health reform legislation on life support. But for the health
care industry, reform is a reality that isn’t going to die.Lilly shares get boost from OK of rival’s drug
Shares of Lilly and partner Amylin rose on hopes that their new version of Byetta will be approved following U.S. regulators’
clearance of a similar drug.Indianapolis deals in 2009 ranged from $4.6 billion to $70
WellPoint’s sale of its NextRx unit was the largest deal in the Indianapolis area in 2009.
Company news
Hey, wait a minute! That was the reaction, somewhat delayed, by the Indiana chapter of the National Federation
of Independent Business, to a late-December change to federal health reform legislation. The
Senate version of reform exempts companies with fewer than 50 employees from a requirement to provide
health benefits. But in late December, Senate leaders made a change for construction firms, saying the
exemption would apply only if they have five or fewer employees. The change was a favor to union groups,
which said non-union construction contractors would have an advantage over unionized shops that do provide
health benefits. Local NFIB leaders staged a protest/press conference last week, calling on Congress to “strip this
job-killing provision from a final health care bill.”Orbis Education, a locally based maker
of nursing-education software, received $8 million in venture capital from Menlo Park, Calif.-based Lightspeed
Venture Partners. Founded in 2003, Orbis offers online instruction to help universities and hospitals
train new nurses. A key hurdle in the looming nursing shortage is the lack of capacity for nursing schools
to accept all qualified applicants. Last year, it had $4.5 million in revenue and 33 employees. Orbis
aims to boost its work force past 50 by the end of the year. Orbis had previously raised $4 million from
family, friends and angel investors.
Watch out, Eli Lilly and Co. A Greenwood pharmaceutical
firm plans to build a $28 million insulin facility there to make a cheaper version of the diabetes-fighting medicine. According
to the Daily Journal of Franklin, Elona Biotechnologies expects its 50,000-square-foot facility to employ as many
as 70 people. Greeenwood officials are considering $8.5 million in incentives, including some loans,
to help Elona build the facility and get it approved by the U.S. Food and Drug Administration. Elona
was founded in the late 1980s by former Lilly researcher Ron Zimmerman.West Lafayette-based
IVDiagnostics LLC won a $124,000 grant from the National Institutes of Health to further
its cancer diagnostics research. The Small Business and Innovation Research Phase 1 grant will pay for
the company to improve the design of its IVFLow medical device, which analyzes and monitors tumor cells without taking blood
from a patient.Physicians working in a surgery center connected to Community Hospital South kicked
in $500,000 to help the hospital complete a massive expansion. The gift, given by 65 doctors, boosts
to $1.2 million the money raised for the project by the philanthropic arm of Community Health Network.
The $130 million expansion will add 40 beds. It is scheduled to open in mid-2010.Biotech firm plans $28M Greenwood plant
Greenwood pharmaceutical firm Elona Biotechnologies plans to build a $28 million production facility and create 70 jobs to
help develop a cheaper form of insulin that could gain significant market share.City’s industrial market fared better than most in 2009
The Indianapolis industrial real estate market didn’t escape the recession unscathed, but the sector outperformed most other
cities and took less of a hit than in the last recession.United Hospital Services laundry co-op considers statewide expansion
The massive far-east-side facility
already launders linen
for 30 hospitals and 400 clinics in Indiana, handling more than 36 million pounds of soiled linen each year.FDA letters scold Lilly, others over marketing materials
The letter to Indianapolis-based Lilly cites a print advertisement for the antidepressant Cymbalta that did not adequately
display information about the drug’s side effects.Tillmann out as Roche Diagnostics CEO
The management change comes as the Indianapolis company’s diabetes market share has been sliding. Roche says successor will
be named “shortly.”King to play transitional role at state museum
New interim CEO, the former president of the Eli Lilly and Co. Foundation, hopes to pave way for stability at the institution,
which has seen five CEOs in the past decade.Death of heiress Ruth Lilly unleashes more philanthropy
Lilly’s death on Dec. 30 at age 94 will trigger the release of hundreds of millions of dollars from her
estate, with perhaps as much as $200 million flowing to the fledgling Ruth Lilly Charitable Foundation.Indiana State Museum to name interim CEO
The board of the museum’s private foundation is expected to confirm Thomas A. King’s appointment Thursday afternoon
Company news
Whew! A contract dispute that almost kicked seven central Indiana hospitals out of the network of Anthem Blue Cross and Blue Shield was averted at the last minute last week. On Dec. 30, Anthem released a “News Flash” saying that its customers no longer would receive negotiated discounts at Hancock Regional, Hendricks Regional, Henry County, Morgan, Riverview, Westview and Witham hospitals, beginning the next day. The hospitals are part of Indianapolis-based Suburban Health Organization. But by 4 p.m. the same day, the two sides came to terms.
What Dow AgroSciences has done with corn, it’s now trying to do with cotton. The Indianapolis-based company has licensed genetically engineered cotton traits from Switzerland-based Syngenta AG. Dow Agro will combine Syngenta’s traits with cotton traits it developed. In 2012, Dow Agro expects to launch cotton seeds stacked with the traits to better protect against cotton pests. Dow Agro, a subsidiary of Michigan-based Dow Chemical Co., developed corn seed with eight genetically engineered traits following a licensing deal with St. Louis-based Monsanto Co. Dow Agro and Syngenta did not disclose financial terms of their deal.
St. Francis Hospital and Health Centers has sued three OrthoIndy physicians over the group’s new $20 million outpatient surgery center scheduled to open in Greenwood next year. The complaint alleges the new facility breaches an earlier partnership between the two health care providers. According to St. Francis’ civil complaint, filed Dec. 18 in Hamilton County Superior Court, St. Francis and an OrthoIndy affiliate agreed in 2001 to become equal partners in another facility—the Indiana Orthopaedic Surgery Center at 5255 E. Stop 11 Road on the St. Francis campus on the south side. But in December 2008, OrthoIndy announced it had purchased property four miles from the Indiana Orthopaedic Surgery Center and planned to construct a competing facility there. An attorney for the OrthoIndy physicians said St. Francis’ lawsuit has no merit.
When production at Tippecanoe Laboratories in Lafayette started today at 9:30 a.m., it officially launched a new era for the drugmaking plant. Germany-based Evonik Industries AG is now operating the plant after acquiring it from Indianapolis-based Eli Lilly and Co. Lilly sold the plant as part of $1 billion in operating cuts it wants to achieve by the end of 2011. Lilly signed a nine-year contract for Evonik to supply it with the materials made at the Lafayette plant. Gov. Mitch Daniels attended the start of production this morning.
Community Health Network’s philanthropic foundation received $1 million in cash from John W. “Jack” Heiney, a retired president and CEO of Evansville-based Indiana Gas Co. Heiney’s gift, made in honor of his late wife Betty, will be used to fund outreach, wellness and prevention programs, as well as improve Community’s facilities and employees.
FDA cancels meeting to review Lilly’s Cymbalta
The agency said the meeting was canceled “to allow time for the FDA to review new information” about a proposed new use for
the drug.Ruth Lilly remembered for ‘selfless’ giving
Lilly, 94, who died Wednesday, gave away hundreds of millions of dollars of her fortune during her lifetime.