ITT shares plunge on competitor’s enrollment woes
Shares of Carmel-based ITT Educational Services Inc. fell as much as 6.8 percent Tuesday morning after the largest player in its industry reported a 45-percent plunge in new-student enrollment.
IBJ Staff and Bloomberg News
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Drugmakers call off animal-health deal, possible asset sale
Drugmakers Merck & Co. and Sanofi-Aventis SA have abandoned plans to combine their animal-health businesses after wrestling with regulators for a year over potential divestitures.
Indianapolis-based Eli Lilly and Co. was among a list of possible suitors for about $1 billion in assets the two companies considered selling.
Brightpoint stock sinks on proposed AT&T deal
Brightpoint Inc. stock slumped more than 15 percent Monday after AT&T Inc. announced a $39 billion agreement to buy T-Mobile USA from Deutsche Telekom AG. It continued to slip Tuesday morning.
ChaCha sues Taiwanese company for trademark infringement
Carmel-based ChaCha Search Inc., operator of an online question-and-answer site, sued Taiwanese company HTC Corp. for trademark infringement over the planned introduction of a smartphone called the ChaCha.
Blockbuster selling movie-rental chain to creditors
The bankrupt chain will immediately close 609 stores. The company declined to comment on whether any of the 20-some stores in the Indianapolis area will be among the casualties.
UPDATE: Borders files bankruptcy, to close 2 area stores
Borders will close its downtown-Indianapolis and Carmel stores as part of its plan to shutter about 30 percent of its stores nationally.
Endocyte again changes terms of public offering
The West Lafayette-based biopharmaceutical company now is planning to offer at least 12.5 million shares, or 17 percent more than previously announced, but at a lower price of $6 each.
Simon Property’s quarterly profit rises on improving retail sales
Earnings for the Indianapolis-based shopping mall owner increased to $217.9 million in the fourth quarter, up from $91.5 million in the fourth quarter of 2009. Funds from operations, a key measurement used by real estate investment trusts, also improved.
Potential competitor to Lilly drug shows promise in study
Sanofi-Aventis’s experimental diabetes drug lixisenatide, given to volunteer patients once a day, was at least as effective as Eli Lilly and Co. and Amylin Pharmaceuticals Inc.’s twice-daily medicine Byetta, a study found.
UPDATE: ITT Educational profit gives shares a boost
Shares of ITT Educational Services Inc. rose the most in a year Thursday after the for-profit educator reported a fourth-quarter profit that beat analysts’ estimates.
Lilly, other big drugmakers shut out by FDA in 2010
Regulators cleared 21 medicines, the fewest since 2007, for sale last year. It was the first time in a decade that Pfizer Inc., the world’s largest drugmaker, as well as Lilly, Merck & Co. and Bristol-Myers Squibb Co. were shut out at the same time, according to agency records.
Hoosier Park parent set to emerge from bankruptcy
Hoosier Park Racing & Casino’s parent company could emerge from bankruptcy early next year if creditors approve a reorganization plan that’s set for a court hearing in Delaware on Feb. 1.
Canadian bank to acquire Marshall & Ilsley for $4.1B
M&I has about 30 branches in the Indianapolis area and controls about 6 percent of the market's bank deposits, according to the Federal Deposit Insurance Corp. The bank is ranked sixth among area banks in terms of employment, with about 400 workers.
Simon Property likely to continue pursuit of British mall owner
In rejecting Simon’s offer, London-based Capital Shopping Centres Group said the cash bid “very substantially undervalues the company and its prospects."
Abound Solar completes financing for Tipton plant
Company closes on a $400 million federal loan to help it take over the empty Getrag plant on U.S. 31 near Kokomo, where it wants to hire as many as 1,000 workers. The plant was acquired for $25 million.
Lilly, Acrux receive FDA approval for Axiron
The companies believe the underarm testosterone solution has the potential to realize sales of more than $1 billion a year in the United States.
Chicago’s experience causes other cities to redo parking deals
Indianapolis' City-County Council could vote Monday night on its proposed 50-year agreement with Xerox Co.’s Affiliated Computer Services, which was revised after public outcry over the original proposal.
Study: Arthritis drug co-developed by Lilly shows promise
Lilly paid $90 million in 2009 to acquire the global rights to the treatment in a bid to beef up its pipeline of medications for autoimmune diseases.
Indiana Live owners miss interest payment
The owners of Indiana Live racetrack and casino failed to make an interest payment due Nov. 1 on $375 million in debt, providing additional fodder for credit analysts already worried about its financial condition.
Appeals court rejects Lilly over Gemzar patent
Without an appeal, generic drugs are now poised to wipe away most of Lilly’s $750 million in annual U.S. revenue from Gemzar.