Indianapolis-based Eli Lilly and Co. is highlighting the success of Cymbalta as it lost U.S. patent protection earlier this week for the antidepressant. The company says Cymbalta sales continue to grow throughout the world. Lilly estimates 60 million people in more than 100 countries have been treated with the anti-depressant. It also says Cymbalta is one of two drugs in company history to pass $4 billion in sales in a single year, allowing investment in other potential treatments.
Simon: Spinoff Allows Global Focus
Thirteen Indiana properties are expected to be part of a new company that will be a spinoff of Indianapolis-based Simon Property Group Inc. (NYSE: SPG). Several are in the Indianapolis area, but shopping centers in Kokomo, Muncie and Lafayette are also among those that will eventually be run by the new company. Simon announced the plans Friday, saying the move will allow the company to focus on bigger shopping centers including the Mills and Premium Outlets concepts. During a conference call, Chief Executive Officer David Simon said the announcement coincides with the 20th anniversary of the company's initial public offering.
IMS Outlines Initial Improvement Plans
The Indianapolis Motor Speedway has outlined several plans to improve the fan experience at the historic track. The upgrades are the first to be funded by $100 million approved this year by the Indiana General Assembly and include new video screens and wireless access throughout the facility. Hulman & Co. President Jeff Belskus says the full master plan will be complete by spring. Officials believe the addition of an apron on the oval will enhance competition during NASCAR events.
Regulators Shut Down Terre Haute Bus Company
A division of the U.S. Department of Transportation says Terre Haute-based Rotel North American Tours LLC has been shut down for violations that pose "an imminent hazard to the public." Federal Motor Carrier Safety Administration records show the bus company had five incidents over the last 24 months where buses were taken out of service for failing unannounced inspections. Federal records show the company had six buses.
Hoosier Companies Plan Closures
Two companies have announced closings that are expected to affect 250 Indiana workers. In a notice to the Indiana Department of Workforce Development, Pearson Education says it plans to "phase out" of a Lebanon warehouse. South Bend-based Fulton Industries Inc. tells the state it will close a Rochester plant. Person says the continuing emergence of digital technology is causing reduced demand for paper-based products and the move affects 160 workers. Fulton Industries says the loss of its only customer is forcing the shutdown, which could impact 90 employees.
GM Names Solso Chairman
The former chief executive officer of Columbus-based Cummins Inc. (NYSE: CMI) will be the new chairman of one of the world's largest automakers. General Motors Co. (NYSE: GM) says Tim Solso will move into the position once Dan Akerson retires next month as chairman and CEO. Longtime GM executive Mary Barra will become the first woman to serve as the automaker's chief executive. Solso has been on the GM board since June 2012.
Universities Score High on Value List
Two Indiana schools are on a national publication's "Best Values in Public Colleges" list. Indiana University and Purdue University placed in the top 100 of Kiplinger's rankings, which consider factors including incoming freshman test scores, graduation rates and financial aid. IU is 37th overall for in-state students, while Purdue is rated 40th.
Indiana Colleges Prepare For Bowl Games
Two Indiana college football teams are bowl bound. The University of Notre Dame will play in the Pinstripe Bowl at Yankee Stadium in New York December 28. The Ball State Cardinals are preparing for the January 5 GoDaddy.com Bowl in Mobile, Alabama.
Hoosier Communities Land Major NCAA Events
The NCAA has announced hundreds of future regional and championship sites, including several in Indiana. Evansville, Indianapolis, Fishers and Terre Haute will play host for events such as basketball, water polo and fencing.
Carmel Looks to Build on Big Year
Carmel Mayor Jim Brainard says an improving economy and quality of life upgrades have sparked a successful year of job creation for the city. Allegion PLC (NYSE: ALLE) announced Carmel's latest expansion Wednesday, detailing plans to add 100 jobs. This year's growth also includes corporate headquarters announcements from companies such as Baldwin & Lyons Inc. (Nasdaq: BWINA) and NextGear Capital, as well as plans by GEICO to add 1,200 workers by 2016. Brainard says he is "very optimistic" the growth will continue, as the city promotes its amenities and the state's business climate.
Hydroelectric Station Coming to Lawrence County
Massachusetts-based Free Flow Power Corp. has announced a $12 million plan to build a hydroelectric generating station in Lawrence County. The project is expected to create more than two dozen construction jobs and be operational in 2016. The facility will be located at Williams Dam on the White River near Bedford, which was used to produce power into the 1950s, and could power an estimated 2,500 homes. Free Flow Power Vice President of Project Management Tom Feldman says the location is "very attractive."
Indy Employer Near Top of 'Best Places' List
An Indianapolis-based technology company is ranked seventh on a list of the best places to work in the U.S. Glassdoor Inc. rates Interactive Intelligence Group Inc. just behind global employers such as Bain & Co., Twitter Inc. and Facebook Inc. and just ahead of Google Inc. Chief Executive Officer Don Brown says the ranking is a reflection of a quality work force creating a "self-sustaining" positive climate, and says the company simply tries "not to screw it up." He says new technology and career options help attract and retain top talent.
Survey: Hospital Execs Wary of ACO Model
A nonprofit health care consultant says new survey results indicate nearly half of hospital executives asked have no plans to implement an Accountable Care Organization model. The research from Purdue Healthcare Advisors also shows nearly all of the executives are using electronic health records. The survey was conducted in October 2013 among 206 hospital executives at a director level and above.
Lake City Bank Builds on Fort Wayne Growth
The president of Warsaw-based Lake City Bank believes the plan to open a branch in a $71 million downtown Fort Wayne development is "a natural extension" of the company's growth in the market. David Findlay says Lake City already has more deposits in Allen County than other Indiana-based banks. The company is planning an office in the new Ash Brokerage Corp. headquarters.
Centaur to Fund Equine Center
The owner of Indiana Grand Racing & Casino is giving $2.7 million to Purdue University's College of Veterinary Medicine. The funding will be used to build the Centaur Regional Equine Diagnostic and Surgical Center in Shelbyville. The city and Shelby County are contributing more than $2 million to the $10 million project.
State to Delay Biosciences Center Funding
Governor Mike Pence says the state will delay planned expenses for the Indiana Biosciences Research Institute as part of a sweeping cost-saving effort. The Indiana General Assembly approved $25 million for the project. In November, officials had announced that corporate and philanthropic sources matched that total. The total price tag for the institute has been pegged at more than $360 million.
Notre Dame Releases 'Ethical Dilemmas' List
The University of Notre Dame's John J. Reilly Center for Science, Technology and Values has unveiled its annual list of ethical dilemmas in science and technology. It includes virtual currency, property rights in space and robots for law enforcement.
For more Inside Indiana Business, visit insideindianabusiness.com.