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BUSINESS
December 19, 2007 | From Times Wire Services
John Lechleiter will become Eli Lilly & Co.'s chief executive, replacing Sidney Taurel, as the company faces the loss of $6.8 billion in sales to generic competition within six years. Lechleiter, 54, chief operating officer since October 2005, will become president and CEO on April 1. Taurel, 58, who has led Indianapolis-based Lilly since July 1998, will remain chairman until the end of 2008.
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BUSINESS
April 8, 2014 | By Shan Li
Drugmakers Takeda Pharmaceutical Co. and Eli Lilly & Co. were ordered to pay a total of $9 billion in punitive damages after a Louisiana jury decided the companies did not disclose cancer risks of their diabetes medicine Actos. Japan-based Takeda said Tuesday that it was ordered to pay $6 billion in punitive damage, and Eli Lilly, which helped promote the drug, was ordered to pay $3 billion. The jury also awarded the plaintiffs nearly $1.5 million in compensatory damages.  Takeda was accused in the suit of failing to warn users of the medication that research had linked Actos to increased risk of bladder cancer.
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BUSINESS
March 26, 2004 | From Associated Press
Eli Lilly & Co., already under federal investigation for the way it promoted an osteoporosis drug, said it faced a new federal probe of its marketing practices. The Indianapolis-based company said it believed the new probe also probably focuses on the osteoporosis drug Evista, as well as its top seller, antipsychotic drug Zyprexa, and antidepressant Prozac. Lilly, one of several drug makers to come under federal scrutiny over marketing issues, said the U.S.
BUSINESS
March 26, 2014 | By David Pierson
The Food and Drug Administration said 25 of 26 drug companies that were asked to phase out antibiotics to promote growth in farm animals have agreed to comply with the agency's voluntary plan. The development announced Wednesday clears a major hurdle in the FDA's push to combat growing human resistance to antibiotics because of their overuse. Farms use about 80% of the nation's antibiotics supply, sometimes in healthy animals to speed up growth or prevent illness in unsanitary conditions.
BUSINESS
December 9, 2004 | From Bloomberg News
Drug maker Eli Lilly & Co. said it would make results of clinical trials for all medicines it sells available on a public website. Indianapolis-based Lilly's www.lillytrials.com site has started with about half of the data the company plans to make publicly available. The remaining data will be posted on the site by July, Lilly said.
BUSINESS
June 21, 1994 | From Times Staff and Wire Reports
Lilly to Spin Off Five Divisions: Indianapolis-based Eli Lilly & Co. said it plans to form a new public company out of five of its medical device and diagnostics businesses. Lilly said the five companies will be known as Guidant Corp. if the plan is approved by federal regulators. The first stock offering is expected during the fourth quarter of this year. The spinoff is part of a restructuring implemented after Randall Tobias took over as chairman and CEO last summer.
BUSINESS
May 16, 2001 | Reuters
Eli Lilly & Co. said in a filing that it has received a subpoena from Massachusetts officials relating to Medicaid reimbursement for the company's products, the latest of several major drug makers to be investigated for federal pricing practices. Indianapolis-based Eli Lilly said in its quarterly financial filing with the Securities and Exchange Commission that it received a subpoena from the Massachusetts attorney general's office in March and does not believe it broke the law.
BUSINESS
October 19, 1991 | From Times Staff and Wire Reports
$12.2-Million Verdict Against Eli Lilly: Companies could be spurred to settle about 1,000 suits over the anti-miscarriage drug DES after a $12.2-million verdict this week against Eli Lilly & Co., the biggest ever involving the medication, lawyers said. A New York state court jury sided with Margaret Perrotte, whose cancer and infertility were linked to the fact that her mother took diethylstilbestrol, known as DES.
CALIFORNIA | LOCAL
January 1, 2010 | Times Staff And Wire Reports
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.
BUSINESS
October 22, 2008 | The Associated Press
Eli Lilly & Co. will take a big bite out of its third-quarter earnings with a $1.4-billion charge related to a government investigation over marketing practices for the antipsychotic medicine Zyprexa. The drug maker said Tuesday that it would take a charge that equates to $1.29 a share because it was in advanced discussions with the U.S. attorney's office for the Eastern District of Pennsylvania over U.S. marketing and promotional practices for the drug.
BUSINESS
October 7, 2008 | From the Associated Press
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.
BUSINESS
March 8, 2008 | From Reuters
Eli Lilly & Co. said Friday that it would terminate development of an inhaled insulin treatment for diabetes, which it was conducting in partnership with Alkermes Inc., after deciding that the product's potential for commercial success wasn't strong enough. Lilly's decision marks the third setback in recent months for inhaled insulin formulations, once deemed potential blockbuster products because of their greater convenience than standard injectable insulin. Cambridge, Mass.
BUSINESS
December 19, 2007 | From Times Wire Services
John Lechleiter will become Eli Lilly & Co.'s chief executive, replacing Sidney Taurel, as the company faces the loss of $6.8 billion in sales to generic competition within six years. Lechleiter, 54, chief operating officer since October 2005, will become president and CEO on April 1. Taurel, 58, who has led Indianapolis-based Lilly since July 1998, will remain chairman until the end of 2008.
BUSINESS
April 22, 2007 | From the Associated Press
Eli Lilly & Co., which built its reputation on insulin and antidepressant Prozac, launched its first prescription drug for pets. The company will market Reconcile, a beef-flavored chewable tablet that helps treat dogs for separation anxiety, in the U.S. The medicine is supposed to be used in combination with behavior management training to help dogs that have difficulty being separated from their owner or family members.
BUSINESS
February 14, 2007 | Michael Muskal
A federal judge in New York gave websites a partial victory by acknowledging that when documents are published on the Internet, they take on a life of their own, an existence that cannot be reversed by a court. Senior U.S. District Judge Jack B. Weinstein issued a mixed decision in the closely watched case involving documents relating to the drug Zyprexa. The case pitted opponents of the drug against its manufacturer, Eli Lilly & Co., and both sides claimed at least part of a victory.
BUSINESS
December 8, 2006 | From Bloomberg News
Eli Lilly & Co. projected a 2007 earnings rise that trailed analysts' estimates because the planned purchase of Icos Corp., maker of the impotence pill Cialis, would reduce profit more than some analysts expected. Net income next year will be $3.25 to $3.35 a share, said the Indianapolis-based maker of Zyprexa, the world's top-selling schizophrenia medicine, at an investor meeting in New York. Its shares fell 87 cents, or 1.6%, to $53.99.
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