Lilly capitalizing on demand for testosterone drugs
The market for testosterone-replacement treatments is growing, but health experts say overuse of the drugs can be dangerous.
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Lilly letting U.S. researchers test failed compounds for new uses
More than 20 compounds that Eli Lilly and Co., Pfizer Inc. and AstraZeneca Plc failed to turn into drugs will be tested by U.S.-sponsored scientists in a $20 million program to see if they’ll work against ailments they weren’t aimed at previously.
Arrests made in $80M Lilly prescription drug heist
Authorities have arrested two Cuban brothers in the 2010 theft of about $80 million in Eli Lilly and Co. prescription drugs from a Connecticut warehouse, a robbery described as one of the biggest pharmaceutical heists in history, the U.S. attorney’s office said Thursday.
Six Hoosier firms among country’s 500 largest
Indianapolis-based WellPoint Inc. topped the list of Indiana companies, ranking 45th. Locally, Eli Lilly and Co. and BrightPoint Inc. also made Fortune magazine's latest annual ranking of the 500 largest corporations based on revenue.
Company news
A major lender to Arcadia Resources Inc. has moved to foreclose on the struggling Indianapolis-based business, which in turn agreed to cease operations. Arcadia reported the foreclosure agreement with Dallas-based Comerica Bank, which Arcadia owed $11 million, in a May 3 filing to the Securities and Exchange Commission. The closing represents the probable final fall for the once-promising health care company. Just two years ago, the company announced a huge expansion that it expected would add 930 jobs in Indiana by 2013. In order to satisfy a debt to one of its suppliers, Arcadia completed the sale of its DailyMed pharmacy business in February to a subsidiary of Illinois-based Walgreen Co. for just $2 million. That left Arcadia with its home health care and medical staffing businesses, which were being funded by an $11 million line of credit from Comerica. Arcadia already had drawn on the entire line of credit, which came due on April 30. The company owed about $30 million to three private equity firms that likely will not be repaid. The company had less than $1 million in assets, according to the SEC filing. In the nine months ended Dec. 31, Arcadia had $61.5 million in revenue and posted a loss of $13.5 million.
Eli Lilly and Co., Pfizer Inc. and AstraZeneca plc will contribute two dozen failed compounds to launch a new $20 million program in which government-sponsored scientists will see if the compounds show promise against other diseases than the ones for which they were first tested. If they do, it could help the drugmakers, which will still own the compounds, to bring them to market faster. The academic researchers would share in the profits of any drugs that make it to market. The program, kicked off May 3 by the National Institutes of Health, hopes to add more compounds soon. “It’s an opportunity to get more value out of our molecules,” said Jan Lundberg, president of Lilly Research Laboratories in Indianapolis. “Instead of parking them, we can let the academic community and NIH continue the testing to see if they have a significant benefit that we actually don’t know of today.”
A researcher at the Indiana University School of Medicine got national attention for his study suggesting that Tasers wielded by police can induce fatal heart attacks. Dr. Doulas Zipes, an emeritus professor of cardiology at the IU med school, found that in eight healthy men who became unconscious after being stunned by a Taser, six developed abnormal heart rhythms. All eight of the men, who ranged in age from 16 to 48, lost consciousness after receiving the shock; seven of them died. “This study doesn’t say that we should abandon using Taser devices, but it does show that users should exercise caution, avoid chest shocks and monitor the person after shock to ensure there are no adverse reactions,” Zipes said after his study was published in the journal Circulation. The results of Zipes' study were covered by USA Today, the New York Times and CBS News. A spokesman for Arizona-based Taser International Inc. told USA Today that the small number of cases in Zipes' study are not enough to draw broad conclusions. "There have been 3 million uses of Taser devices worldwide, with this case series reporting eight of concern," said Steve Tuttle, who also noted that Zipes has testified against Taser as an expert witness in legal cases brought against the company. "This article does not support a cause-effect association and fails to accurately evaluate the risks versus the benefits of the thousands of lives saved by police with Taser devices," Tuttle told the newspaper.
Authorities have made arrests in the 2010 theft of about $80 million in Eli Lilly and Co. prescription drugs from a Connecticut warehouse, according to the Associated Press. Two Cuban brothers were arrested in Florida and charged with helping steal the pharmaceuticals, including Lilly’s drugs Prozac and Zyprexa. The thieves broke into the Enfield warehouse of Indianapolis-based pharmaceutical giant Lilly in March 2010 and stole enough pills to fill a tractor-trailer. The drugs were believed to be destined for the black market, perhaps overseas. After cutting a hole in the roof of the industrial park warehouse, they lowered themselves to the floor, disabled the alarms and spent at least an hour loading pallets of antidepressants and other drugs into a vehicle at the loading dock, authorities said. Lilly plans to destroy the medicines once they are no longer needed as evidence.
Indianapolis-based HealthNet Inc. received a $155,000 grant from the U.S. Department of Health & Human Services to renovate its Fountain Square facility to accommodate 1,150 more patient visits each year. HealthNet will use the money to turn a office space and a medical records storage area into three patient exam rooms. The center already handles more than 35,000 patient visits each year. The money is part of a series of grants to community health centers across the country. The funds were made available as part of the 2010 Patient Protection & Affordable Care Act. HealthNet operates 10 community health centers in the Indianapolis area.
Lilly: Forget Alzheimer’s; think diabetes
For more than a year, Eli Lilly and Co. has been viewed by investors as a laggard stock with one, slim shot at producing a huge jackpot: its experimental Alzheimer’s drug. But now company leaders are trying to direct investor attention toward the drugmaker’s diabetes portfolio.
Roche scraps hoped-for cholesterol blockbuster
A second experimental cholesterol medicine in a once-promising class of drugs meant to replace blockbusters such as Lipitor has failed in testing, casting doubt on whether any of the drugs will ever make it to pharmacies. Eli Lilly is developing a similar drug.
Purdue’s Indy tech incubator nearing capacity
Officials consider expanding facility that got off to a slow start but began filling up last fall.
City aims to attract additional sponsors
Third Street Partners, a marketing firm that hoped to land half a million dollars in corporate sponsorships for the city of Indianapolis, has received a four-year contract extension to bring home red meat.
Cancer tools help Roche with Alzheimer’s drug
Treatments for central nervous system diseases have a huge potential payoff, analysts say. A hint of whether the gamble may pay off is due in the second half of this year, as Eli Lilly and Co. and Pfizer Inc. announce results for Alzheimer’s drugs that attack the same protein as Roche’s experimental drug.
Bicycle advocacy group urges riding to work Friday
Motorists in central Indiana should expect to share the road with a lot of bicyclists during their morning and afternoon commutes Friday.
Company news
Louisville-based Neace Lukens has acquired Indianapolis-based Benefit Concepts Inc. to expand its benefits-consulting business in Indiana. Benefit Concepts' six employees will move into the Neace Lukens office at 6510 N. Shadeland Ave., reporting to Eric Chelovitz, Neace Lukens managing director of Indianapolis. Even before the acquisition, Neace Lukens had about 30 employees in Indiana. The firm was acquired in September by Florida-based AssuredPartners Inc. Numerous small-benefits consultants have sold their businesses in recent years to larger companies, first as employer efforts to change workers’ health habits hiked demands on brokers and now as the 2010 health reform law significantly curtails the health insurance commission system on which many health care brokers have survived for decades.
Purdue University's trustees approved plans Friday for a new campus medical clinic that administrators expect eventually will reduce the school's $151 million in annual health care costs for employees and their families. The clinic is scheduled to open this fall on the West Lafayette campus under a three-year contract paying about $14 million to a private provider, the Journal & Courier of Lafayette reported. The center will be available to all active employees and dependents covered by a Purdue medical plan. Primary and acute care will be offered, with patients not being charged for wellness coaching, chronic condition management and lab work for blood and other tests. Purdue's contract with clinic operator CHS of Reston, Va., is valued at $13.2 million to $14.7 million. The university's contribution to health care costs increased 6 percent, to $10,580 per employee, for 2012.
Bad news from a competitor has darkened the cloud over one of Eli Lilly and Co.’s most anticipated experimental drugs, evacetrapib, which has shown promise at boosting good cholesterol in heart patients. Swiss drugmaker Roche Holding AG said May 6 it has halted testing of its dalcetrapib, which the company had hoped would become a blockbuster, according to Bloomberg News. That move comes five years after New York-based Pfizer Inc. dumped a similar drug called torcetrapib due to safety issues. Lilly and New Jersey-based Merck & Co. Inc. still are developing their drugs in a class known as CETP inhibitors. Drugmakers have hoped that such drugs could replace statins as the next big medicine for heart patients. Statins, such as Pfizer’s Lipitor, were huge blockbusters, but most of them have now seen their patents expire. A Lilly spokeswoman told Bloomberg the Indianapolis-based company is committed to evacetrapib and plans to start a late-stage study in the second half of this year. A Phase 2 trial of the drug showed that it increases good cholesterol up to 129 percent and reduces bad cholesterol as much as 36 percent.
Lilly unlikely to gain from Plavix patent loss, analyst says
Indianapolis-based Eli Lilly and Co. and London-based AstraZeneca Plc aren't expected to have an easier time gaining more of the market for blood thinners dominated by Bristol-Myers Squibb Co.’s Plavix after the drug loses U.S. patent protection Thursday.
U.S. losing drug-research jobs to other countries
Eli Lilly and other big pharmaceutical companies are creating thousands of research jobs overseas as countries led by Singapore, Ireland and South Africa boost incentives.
Good cholesterol may not lower heart risk, study suggests
Raising good cholesterol, a goal pursued by Eli Lilly and Co. as the next milestone in cardiac care, may not cut heart-attack risk, says a study that challenges the development of drugs that may someday generate billions of dollars in sales.
Plan seeks to turn towpath into arts corridor
The city of Indianapolis and private-sector players are lining up behind an effort to rebrand the Central Canal Towpath as an art-themed destination dubbed Art 2 Art by adding artwork and improving the trail.
Potential Effient rival recommended for approval
Johnson & Johnson and Bayer AG’s blood-thinner Xarelto should be approved to help prevent heart attacks and strokes in patients with a common condition, a U.S. regulatory report recommended.
Price pressures could ground Lilly’s growth
Most analysts agree with Eli Lilly and Co.’s prediction that, after tough years from 2012 to 2014, the drugmaker will begin growing sales and profits again. But in a new report, BMO Capital Markets predicts Lilly will get stuck at a reduced level of revenue and profit in 2014 and stay there for years.