Eli Lilly and Co. heiress Ruth Lilly dies at 94
Over the course of her life, the last surviving great-grandchild of pharmaceutical magnate Eli Lilly gave away much of her
inheritance.
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Entrepreneur says quality of venture capital as important as quantity
Jim Pearson knows a thing or two about raising money from venture capitalists. And he has some advice for BioCrossroads:
Teach entrepreneurs the value of money.Top real estate stories of 2009
A major downturn in commercial real estate was inevitable, but the depths have surprised even seasoned industry veterans.
Corporations bet on insiders to bend reform
Indianapolis health care heavyweights are among those spending $635 million, employing 166 former aides to key congressional
leaders and committees in health reform process.To keep sales force busy, Lilly takes on new drug
Eli Lilly and Co. has bought the rights to co-market a new cholesterol-fighting drug in the U.S., giving it a third heart drug for sales personnel
to push.Vonnegut’s kin back local memorial library
Three of Kurt Vonnegut’s children are working with local fans of the famed author to open a memorial library
in Indianapolis.Local losses lead other ’09 news of note
A look back at some of the top business news stories from 2009.
Lilly scurries to get out from under Zyprexa cloud
Another year of rapid change at Eli Lilly and Co. did little to move the company out from under the cloud cast by its best-selling
drug, Zyprexa.Health care industry braces for reform
Congress is on the cusp of transforming health insurance—if it can pass a health reform bill that was losing popularity
late in the year.First decade of century marked by buyouts and bubbles
The decade witnessed a massive terrorist attack, two wars, and a building-and-buyout boom fueled by easy credit.
Safis Solutions speaks ‘FDA’
Indianapolis regulatory compliance consultant Safis Solutions snares contracts with Eli Lilly, other big clients. CEO Ping
Poulsen has built company to 20 employees.Company news
AIT Laboratories is doling out another $1 million to its employees, its second round of profit-sharing payouts this year. The Indianapolis-based clinical, forensic and pharmaceutical testing company paid employees $2 million in bonuses in June, right before CEO Michael Evans transferred ownership of the firm to its workers as part of an employee stock-ownership plan. […]
Rolls-Royce bags $160M military contract
Rolls-Royce Corp.’s Indianapolis operations will manufacture 78 turboshaft engines for U.S. Navy and Air Force helicopters
under the terms of a mammoth $160.6 million military contract.Lilly pays $90 million for autoimmune drug
By acquiring an experimental medicine for rheumatoid arthritis, the Indianapolis-based drugmaker is increasing its focus on autoimmune
diseases.First Indiana Future Fund off to a slow start
More than half of the venture capital fund’s original investors took a pass on its $58 million successor, the newly launched
INext.Senate rejects drug-importation proposal
The U.S. Senate voted down a plan Tuesday to allow Americans to import prescriptions from abroad, handing drug makers
such as Indianapolis-based Eli Lilly and Co. a victory.Company news
Carmel-based Dormir Inc. acquired a string of sleep-study centers and equipment stores in California,
Oregon and Utah, making it the nation’s second-largest provider of sleep-diagnostic services in the country behind SleepMed
Inc., headquartered in Columbia, S.C. The sleep centers and equipment stores were part of two subsidiaries of Australia-based
Avastra Sleep Centres Ltd. They give Dormir 85 locations in 16 states. Financial terms of the deal were
not disclosed.Eli Lilly and Co. said it won approval for a new long-acting
version of its bestselling antipsychotic Zyprexa. The new version has patents that could extend until
2018. Investors have shunned Lilly’s stock this year because they say Indianapolis-based Lilly does not have enough new
drugs to offset the loss of Zyprexa revenue that will occur after the drug loses its patents in 2011. Lilly issued a forecast
for 2012-2014 that suggested its profits could fall by as much as one-third from their present levels.Lilly
Endowment Inc. will give $60 million to the Indiana University School of Medicine
to implement its new Indiana Physician Scientist Initiative that aims to turn discoveries that could
improve human health into products and treatments that benefit patients and produce new businesses. Dr. David Wilkes,
executive associate dean for research affairs at the IU School of Medicine, will direct the Indiana Physician Scientist Initiative.
Its biggest goal is to recruit 20 physician-scientists to the IU med school to focus on cancer, neurosciences and diabetes/vascular
disease.Scientists have made chemotherapy drugs better at reducing side effects by engineering them to bind only
to cancerous cells. But researchers at Purdue University are taking an entirely different approach. They
used cold and magnetic particles to create nanorods—about 1,000 times smaller than a human hair. They then coated these
rods with the breast cancer drug Herceptin and inserted them into breast tumors. Professor Joseph Irudayaraj and graduate
student Jiji Chen wrote about their work in the journal ACS Nano.The Eli Lilly and Co. Foundation
gave $1 million to Indiana University to form a school of public health at IUPUI. Indiana University will
build the school using faculty from its medical school and the School of Public and Environmental Affairs.Two Fort Wayne consulting firms are joining forces in an attempt to do more work for financially
strapped doctors and hospitals. MedOptima and Ruffolo Benson LLC now
offer expertise in improving billing and other processes, as well as finding capital.In the
latest combination of fitness and physicians, St. Vincent Health has opened
a rehab therapy clinic at the Fishers YMCA. The 3,900-square-foot clinic will offer
orthopedic, neurological and general rehab care. The first local example of such a partnership is the Westview Healthplex
Sports Club on Guion Road operated by Westview Hospital. Also, Hendricks Regional Health
is working with YMCA to build a joint facility in Avon.Think tank hired to put state under microscope
Mathematica Policy Research, which last studied Indiana in 2004, will now examine Healthy Indiana Plan.
New BioCrossroads venture fund raises $58 million
The new INext fund is the successor to the $73 million Indiana Future Fund, which the life science initiative raised in 2003.