J.C. Hart Co. spent more than a year securing a $5 million bank loan to expand an existing project; Buckingham Cos. turned to the city to finance its ambitious project just north of the Eli Lilly and Co. campus.
Venture funds nationwide crested at $100 billion in 2000, but that number last year had drooped to $18 billion.
Local leaders are encouraging The Oaks Academy to duplicate its successful urban private school model at a second location as part of the massive investment in near-east-side redevelopment spurred on by Indianapolis’ successful bid for the 2012 Super Bowl.
Indiana’s life sciences industry has weathered the recession relatively well, but Eli Lilly’s struggles and tight capital markets could threaten the future.
Without an appeal, generic drugs are now poised to wipe away most of Lilly’s $750 million in annual U.S. revenue from Gemzar.
Indianapolis-based Eli Lilly and Co. plans to open a diabetes research center in China, the drugmaker said Tuesday, citing the high incidence of the disease there.
As senior vice president of human resources for Eli Lilly and Co., Mahony is the company’s senior-most leader responsible for the firm’s efforts to expand diversity.
The daughter of former Indianapolis Star publisher Eugene S. Pulliam keeps busy with a broad slate of local and international philanthropic efforts focused on everything from conservation to investigative reporting.
Five Indiana doctors made the list of drug-company favorites in a recent report by New York-based ProPublica. Carmel psychiatrist Chris Bojrab pulled in nearly $160,000, with the lion’s share coming from Indianapolis-based Eli Lilly and Co. and its antidepressant Cymbalta. Lafayette allergist Ketan Sheth was a close second, earning $159,225 from United Kingdom-based GlaxoSmithKline plc. Other doctors on ProPublica’s list: Indianapolis hematologist Maureen A. Cooper, who made $140,000, mostly from Cephalon; Terre Haute endocrinologist Isaiah Pittman, $126,000 mostly from Lilly; and Zionsville family physician Daniel Lynn Shull took home $102,000, nearly all of it from Lilly. After Lilly started disclosing its payments to doctors last year, Bojrab defended the pay for speaking on behalf of drug companies as well-earned. “We’re certainly well-compensated for what we do,” he said, adding that the pay is about 20-percent higher than what he would earn seeing patients. But it also requires a fair bit of work, especially arranging travel details. “It’s not uncommon for me to come home and spend three or four hours a night, just to work out the travel details,” he said. “And it’s not like the work that you had to do goes away.”
St. Francis Hospital & Health Centers has acquired the Immediate Care Centers' four Indianapolis-area locations: 1001 N. Madison Ave., 650 N. Girls School Road, 860 E. 86th St. and 992 N. Mitthoeffer Road. The centers were launched in 1981 by Bloomington-based Unity Physician Group. About 100,000 patients visit the centers each year. St. Francis, whose parent organization is based in Mishawaka, is the fourth-largest hospital system in the Indianapolis area.
A new professional service center on the northwest side of Indianapolis will employ 500 people to support the 70 hospitals operated by St. Louis-based Ascension Health. The Catholic not-for-profit organization is the parent of Indianapolis-based hospital system St. Vincent Health, which operates 19 hospitals around Indiana, including its flaghship campus on West 86th Street. St. Vincent employs more than 13,000 Hoosiers. The $10.9 million center is expected to open next summer and ramp up to peak employment by 2013. To lure the investment, the Indiana Economic Development Corp. offered Ascension up to $5 million in performance-based tax credits and up to $90,000 in training grants based on the company's job-creation plans. Develop Indy and the city of Indianapolis offered Ascension Health infrastructure support and a training grant worth up to $300,000. Develop Indy also will support a property-tax-abatement request before the Metropolitan Development Commission.
Orthopedic implant maker Zimmer Holdings Inc. saw its third-quarter profit climb 27 percent on lower operating expenses. The results beat Wall Street estimates, but Zimmer cut its estimate for revenue growth. The Warsaw-based company reported net income of $191.1 million, or 96 cents per share, up from $149.9 million, or 70 cents per share, a year ago. Sales fell 1 percent to $965 million. Analysts polled by Thomson Reuters expected, on average, earnings of 95 cents per share on $994.7 million in revenue. Zimmer narrowed its full-year profit forecast to a range of $4.24 to $4.29 per share. The company had previously set full-year expectations for profit between $4.15 and $4.35 per share. It also trimmed its estimate of revenue growth on a constant currency basis for the year to 2 percent versus an earlier projection of 3-percent to 5-percent growth.
Indianapolis-based Dow AgroSciences improved revenue during the third quarter, thanks to a 26-percent increase in volume, but it still recorded a loss for the period. The unit of Michigan-based Dow Chemical Co. on Thursday reported revenue of $948 million, up 19 percent from the same period last year, despite lower prices. Quarterly earnings before interest, taxes, depreciation and amortization, however, were a loss of $12 million—compared with a profit of $5 million a year ago. Dow Agro’s selling, general and administrative expenses increased 9 percent during the quarter because of new product launches and commercial activities related to recent seed acquisitions, the company said. Its research and development costs were up 14 percent.
After recently deciding to close a research center in Singapore, Indianapolis-based Eli Lilly and Co. has decided to open a diabetes research center in China in the second half of 2011, further ramping up the drugmaker’s presence in the world’s fastest-growing pharmaceutical market.
San Francisco-based Breast Cancer Action wanted its message, “Eli Lilly is making us sick. Tell them to stop,” posted on local billboards. But numerous sign companies refused, the group said.
Unless more businesses step up and support our region's most underserved students, the local work force will suffer.
Billboard companies spiked the cancer ad. But Citizens Gas or WellPoint might have gotten a different result.
The Food and Drug Administration has cleared Cymbalta for musculoskeletal pain such as arthritis and chronic lower back conditions, which could mean another $500 million in annual sales for Lilly, an analyst estimates.
Eli Lilly said it will acquire Avid Radiopharmaceuticals, maker of an experimental agent that could help identify patients with Alzheimer’s disease. The price could climb to $800 million if the agent is commercially successful.
Moody’s Investors Service on Monday lowered the long-term ratings of Lilly one notch, to A2 from A1, citing a wave of patent expirations the drugmaker faces in coming years.
Eli Lilly and Co.’s $800 million acquisition of Avid Radiopharmaceuticals Inc. is the biggest step yet in the drugmaker’s attempt to add diagnostics to its product portfolio.
Merck & Co. is betting it can succeed where Pfizer Inc. failed, with a new type of drug to combat heart disease by raising good cholesterol levels. Indianapolis-based Eli Lilly and Co. is testing a similar pill.
Republicans who now control the Indiana House are poised to push reforms next year that would strengthen local governments’ ability to offer businesses tax abatements. But the changes might be met with caution in Marion County.
