March 16, 2010 |
MannKind Corp., the biotechnology company run by billionaire inventor Alfred Mann, failed to win approval from U.S. regulators to market its inhaled insulin drug, Afrezza, for people with diabetes. The Food and Drug Administration asked for more information about the medication, the Valencia company said Monday. While regulators didn't cite any safety concerns, they did request updated safety data, MannKind said. More than 20 million Americans have diabetes, which occurs when someone doesn't have enough of the hormone insulin used to convert blood sugar to energy.
March 16, 2010 |
In what officials described Tuesday as a "sophisticated, well-planned" heist, thieves scaled the walls of an Eli Lilly warehouse, cut a hole in the roof, slid down ropes and loaded dozens of pallets holding $75 million worth of prescription drugs onto at least one truck. The thieves also disabled the alarm system at the 70,000-square-foot warehouse, one of three distribution centers in the nation for the international pharmaceutical firm. The robbery took place sometime early Sunday but was not discovered until later in the day, when an employee showed up for work, authorities said.
CALIFORNIA | LOCAL
January 1, 2010 |
Ruth Lilly, a prolific philanthropist who was the last surviving great-grandchild of pharmaceutical magnate Eli Lilly, died Wednesday in Indianapolis, a family spokesman said. She was 94. The cause of death was not released. Over the course of her life, the reclusive Lilly gave away the bulk of her inheritance from the Eli Lilly & Co. fortune, donating an estimated $800 million, mainly to Indiana-based charitable and arts institutions. In 2002, she gave $100 million to an obscure but influential literary association based in Chicago.
September 15, 2009 |
Seeking to cut costs and bring new drugs to market quicker as its bestsellers go off-patent, drug maker Eli Lilly & Co. plans to eliminate 5,500 jobs over two years and reorganize into five business units. The Indianapolis company said it would reduce its workforce nearly 14%, to 35,000 from 40,500, by the end of 2011. Lilly hopes to cut annual costs by $1 billion over that period and will organize itself into cancer, diabetes, established markets, emerging markets and animal health units.
October 8, 2008 |
Drug maker Eli Lilly & Co. cleared another legal cloud hanging over its top-selling drug, Zyprexa, when it announced a $62-million settlement Tuesday, but several other storms are still brewing for the antipsychotic medication. Lilly agreed to pay California, 31 other states and Washington to resolve an investigation into the company's marketing practices.
October 7, 2008 |
Eli Lilly & Co.'s winning bid of more than $6 billion for cancer drug maker ImClone Systems Inc. means a billion-dollar payday for former rival bidder Bristol-Myers Squibb Co. and vindication for corporate raider and ImClone Chairman Carl Icahn. Lilly said Monday that it would pay $70 a share for New York-based ImClone.