Indianapolis-based Eli Lilly and Co. has settled a lawsuit brought by the state of Alaska for $15 million, the parties said in a joint announcement early this morning. Lilly admitted to no wrongdoing as to whether it provided enough information about side effects of its Zyprexa schizophrenia drug. Those side effects include weight gain, high […]
BioConvergence expects to create as many as 170 new jobs by 2011 as it grows its drug development and logistics services, the Bloomington company said today. The company plans a ribbon-cutting ceremony this afternoon on a 21,000-square-foot expansion of its facility. BioConvergence is growing because of a 10-year, multimillion-dollar contract it signed in late 2006 […]
Targanta Therapeutics Corp., a Massachusetts antibiotic-development firm with strong ties to Indianapolis, lost $10.7 million in the fourth quarter, $1 million more than it lost in the same quarter a year earlier. The company is commercializing an antibiotic developed by Eli Lilly and Co. to fight skin cancer. Targanta had its headquarters in Indianapolis before […]
Rapid growth in the high-tech fields of biotechnology and life science has made Indiana a shining example of how promoting emerging industries can transform an agricultural and manufacturingbased economy into a national leader in innovation. It has done so by creating an environment in which knowledge-based businesses can thrive. Building on this success, Indiana continues to position itself as a leader in emerging technologies. A new tax law that took effect this year will present another major step toward this…
A federal bill expected to receive a vote from the Senate this year would trigger the most radical changes to the U.S. patent system in more than 50 years. Supporters of the Patent Reform Act of 2007 want to switch to a “first-to-file” system that would grant patent rights to the first person to file an application. The United States is the lone country still using a “first-to-invent” system that rewards an inventor who first conceives the innovation, even if…
Eric Tobias, the IT architect behind Carmel-based online battery supplier Technuity Inc., now is energizing another startup, Indianapolis-based iGoDigital, a fast-growing player in “recommendation” software for retailers. Tobias, 31, was chief technology officer of Technuity, which distributes batteries, carrying cases and electronics accessories. He left the company, once known as Batteries.com, after it was acquired in November by Hauppauge, N.Y.-based Audiovox Corp. for $16.5 million, plus the repayment of $4 million in debt. The deal added $30 million to Audiovox’s…
As Eli Lilly and Co. fends off allegations in an Alaskan courtroom involving its top-selling Zyprexa drug, the pharmaceutical giant is locked in another battle closer to home. The dispute winding through U.S. District Court in Indianapolis concerns the billion-dollar cancer drug Gemzar and Lilly’s attempts to prevent rivals from selling generic versions. While patent-infringement claims may be less intriguing than accusations that Lilly failed to warn doctors and patients about complications related to Zyprexa, the Gemzar case still has…
Eli Lilly and Co. will pay at least $7 million to acquire rights to a diabetes compound developed by Toronto-based Transition Therapeutics Inc., the companies announced tonight. Indianapolis-based Lilly will work with Transition to complete a Phase II trial of a compound called TT-223, which provided sustained improvement in blood sugar control during preclinical studies. […]
A law firm pressing a racial discrimination lawsuit against Eli Lilly and Co. says a security guard found a noose hanging in a tree on Lilly’s corporate campus in Indianapolis. Rose & Rose, a Washington, D.C., law firm, sent a statement about the incident late yesterday. The law firm is representing a group of current […]
Eli Lilly and Co. confirmed this evening that it will abandon its inhaled insulin program, citing increased uncertainties about its commercial potential and the regulatory environment. The decision will cost Lilly $90 million to $120 million, or from 5 to 7 cents per share. The Indianapolis-based drugmaker now expects to per-share profit of $3.73 to […]
The company helping Eli Lilly and Co. develop inhaled insulin said it expects Lilly to scuttle the project next week. Massachusetts-based Alkermes Inc. said in a news release this morning that Lilly officials have told the company they are evaluating the business prospects for inhaled insulin, called AIR Insulin. Alkermes’ statement said company officials are […]
Developer Stephen Alexander isn’t fazed by a zoning setback for his $67 million West Merrill Tower. The Metropolitan Development Commission denied his request to vacate an alley…
Indianapolis startup Marcadia Biotech Inc. today announced it has signed an agreement with drug giant Merck & Co. Inc. to help bring Marcadia’s promising diabetes therapies to market. Financial terms were not disclosed. However, Merck, headquartered in Whitehouse Station, N.J., will pay Marcadia an upfront fee as well as payments for exclusivity and ongoing collaborative […]
The state’s economic development leaders have been touting 2007 as a banner year that brought commitments for more than 22,000
new jobs, including positions in manufacturing, logistics and life sciences. But almost 20 percent of the announced jobs would
be in call centers–jobs that typically pay near or below the state’s $35,000 average annual wage.
Shares of Eli Lilly and Co. fell this morning after the company announced regulators had rejected its application for a long-acting, injectible version of its best-selling drug, Zyprexa. Lilly’s stock price fell roughly 2 percent, to $50.73. The U.S. Food and Drug Administration said in a “not approvable” letter that it needs more information on […]
Eli Lilly and Co. has been rejected in its attempt to win approval for a long-acting, injectible version of its best-selling drug, Zyprexa. The U.S. Food and Drug Administration told the Indianapolis-based drugmaker in a “not approvable letter” that it needs more information on the medicine’s major side effect, excessive sleepiness, the Indianapolis drugmaker announced […]
The local stop on the ATP Tour now will be known as The Indianapolis Tennis Championships Presented By Lilly. Eli Lilly-which will use the tournament to promote specific drugs such as Humalog…
Despite rumors-and a report in this space yesterday-that WellPoint will be announced as a title sponsor of the Indianapolis Tennis Championships today, WellPoint and tournament officials say that’s not the case.
Officials for the Indianapolis Tennis Championships, formerly the RCA Championships,…
The U.S. Securities and Exchange Commission wants to know more about how Eli Lilly and Co. and WellPoint Inc. decide how to pay their top executives. The two Indianapolis companies exchanged letters last fall with the SEC. The federal agency requested more information about executive compensation from 350 of the nation’s largest public companies. The correspondence led Lilly to include more detailed information in a preliminary version of its proxy statement that it filed Feb. 6. WellPoint officials have promised…
Contributions from the 2007 fund-raising campaign for United Way of Central Indiana will increase 5.4 percent from 2006, the not-for-profit projected today. The record $39 million is expected to be $2 million over the prior year. President and CEO Ellen Annala attributed the increase to campaign co-chairmen who put their own money on the line […]
