GREENFIELD, Ind. (Inside INdiana Business) — The development director of Greenfield-based Hancock Health envisions the Mount Comfort Corridor in the western part of the county will become a regional destination for medical services, retail and restaurant options. Hancock Health owns approximately 200 acres of real estate north of Interstate 70, near the Mt. Comfort Road exit. Former Hancock Health Chief Operating Office Rob Matt says the Hancock Gateway Park is a cutting-edge development that extends beyond medical facilities.
In an interview with Inside INdiana Business, Matt explained why the health system is embracing development efforts beyond healthcare.
“We serve Hancock County. We live in Hancock County. And Hancock County needs us to lead the way in all things, from development to health care to growth,” said Matt. “Yes, the hospital will have a place to grow, as well as the community and the county.”
The development is centrally located between the east side of Indianapolis, McCordsville, New Palestine and Greenfield. Those areas are experiencing growth and development, such as the new Amazon (Nasdaq: AMZN) Fulfillment Center and the Walmart (NYSE: WMT) Distribution Center.
Matt says the health system conducted a strategic plan in 2018 that revealed the Mt. Comfort Corridor was poised for significant economic growth.
“Then we said, ‘we’re sitting on 140 [now 200] acres. Let’s develop something for Hancock County that Hancock County does not have. We began to set our sights on a world class, never-before-seen-in- Hancock County development. And that’s where we’re headed today,” said Matt.
The first building to open on the campus in 2019 was a medical lab and imaging center. But Matt says additional development is set to break ground in early 2022.
“We have a 14-acre aging in place (senior living) campus that will be coming out of the ground in February. We have an internationally famous coffee company, who will be building a location all in the park as well. We have about four or five other projects in the pipeline development projects, all the way from retail, commercial medical office, to multifamily housing, on the 200 acres as well,” said Matt.
The Gateway development is projected to have an assessed value of more than $300 million. In construction work alone, the project is expected to have an economic impact of $158 million and bring nearly 1,500 construction jobs to the area.
“The Gateway development is at the most strategically important intersection in our county and… we are poised to make a difference for county residents for generations to come,” said Hancock Health President and Chief Executive Officer Steve Long, who adds he is, is “enthusiastic about the future of our county and the role our organization is playing to make it the very best place in Indiana to live, work, play, and pray.”
While the plan offers a wide range of potential development beyond healthcare, Matt says a new hospital for that area of the county is definitely a possibility, but no timeline was given.
“If you look at all the other counties that surround Marion County, they all have two hospitals in them. So as the growth continues to happen in Hancock County, there’s an expectation that there will be a second hospital and frankly, Hancock Health intends to be that second hospital,” said Matt. “This ground will allow for that to happen, and the other medical components associated with that.”
GREENFIELD, Ind. (Inside INdiana Business) — Phoenix-based Carvana (NYSE: CVNA) will Wednesday kick off a two-day hiring event at its vehicle inspection center in Greenfield. The e-commerce used vehicle platform says it is looking to fill 155 positions in the Hancock County city.
The hiring event will take place from 8 a.m. to 8 p.m. both days at the inspection center, located at 6508 FW Marks Drive in Greenfield. The company says the open positions range from entry-level to experienced inventory associates, automotive technicians, and autobody and paint technicians.
Carvana says interested candidates are encouraged to participate in on-site interviews. Qualified candidates could receive same-day job offers, while some positions are eligible for a sign-on bonus.
You can learn more about the open jobs and schedule an interview by clicking here.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a third quarter net loss of $104 million, compared to a loss of $135 million during the same period a year ago. The company says Q3 revenue was $1.3 billion, an increase of 27%, caused by increased scale and diversification resulting from the Bayer Animal Health acquisition in August 2020.
Elanco Chief Executive Officer Jeff Simmons says business continues to show good momentum and strong fundamentals since closing the Bayer acquisition.
“…with our fourth consecutive quarter exceeding our top-line growth expectations while concurrently making steady headway toward our long-term margin targets,” said Simmons. “Our teams remain focused on finishing 2021 well and continuing to drive growth in 2022.”
Click here to view the full report.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) says it has completed its acquisition of California-based Kindred Biosciences Inc. (Nasdaq: KIN) in a deal valued at approximately $440 million. Elanco says the acquisition, which was first announced in June, further accelerates its expansion in the companion pet health market, particularly the dermatology category.
The company says canine dermatitis is one of the leading reasons pet owners take their dogs to the veterinarian. Elanco says the acquisition brings with it the potential to launch several new dermatology treatments over the next several years.
“The combination further shifts our mix into the attractive pet health sector with up to four launches from our combined pipeline by 2025 in the rapidly expanding dermatology category, which is expected to fuel continued growth and create sustainable long-term value for shareholders,” said Jeff Simmons, Elanco president and chief executive officer.
Simmons says the transaction also builds on the existing relationship between the two companies, including the prior licensing of the global commercial rights of KindredBio’s late-stage treatment for canine parvovirus. Parvo is a contagious virus that has a mortality rate of 90% in dogs. There is currently no commercial treatment. If the new treatment receives regulatory approval, Elanco says it plans to take it to market by the end of the year.
Under the terms of the agreement, Elanco will acquire all outstanding stock of Kindred Biosciences for $9.25 per share, or about $440 million.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a second quarter net loss of $210 million, compared to a loss of $53 million during the same period a year ago. The earnings report comes as the company marks one year since it completed its purchase of Germany-based Bayer Animal Health.
The acquisition put a larger portion of Elanco’s product portfolio into the companion pet sector Chief Executive Officer Jeff Simmons says Elanco’s launches of pet health products are outperforming 2021 expectations, while farm animal launches are largely on track.
“Elanco continues to deliver strong results, extending our track record of execution since acquiring Bayer Animal Health a year ago,” said Simmons. “Outperformance on both sides of our business allows us to raise 2021 revenue guidance for the third time, with full year growth exceeding our long-term growth algorithm.”
In June, Elanco announced plans to sell two manufacturing properties to Connecticut-based TriRx Pharmaceuticals, a global contract manufacturer. The sale of the Shawnee, Kansas plant was completed last week. The sale of a plant in Speke, United Kingdom is expected to close in early 2022. Elanco says it has a long-term agreement with TriRx to continue manufacturing Elanco products at the two plants.
Click here to view the earnings report.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) says it has sold two manufacturing properties and is closing a third facility as it continues to realign its business following the acquisition of Bayer Animal Health. None of the plants are in Indiana.
Elanco says it will sell a facility in Shawnee, Kansas and Speke, United Kingdom to Connecticut-based TriRx Pharmaceuticals, a global contract manufacturer.
The sale includes the transfer of approximately 600 employees. Elanco says it has a long-term agreement with TriRx to continue manufacturing Elanco products at the two plants.
“It is clear that pursuing avenues for full capacity is best for the future of the Shawnee and Speke plants and the teams based there,” said Jeff Simmons, president and chief executive officer of Elanco. “TriRx is well-positioned to improve site utilization and create opportunity for the employees while becoming an important long-term manufacturing partner for Elanco.”
Elanco expects the sale of the Shawnee facility to close in the second half of 2021. The sale of the UK facility should close early next year.
The animal health company also announced it is closing a plant in Belford Roxo, Brazil, which was acquired as part of the Bayer deal. The operations will be transferred to an Elanco plant in Mexico and a contract manufacturer in Brazil. The plant is set to close in early 2022.
GREENFIELD, Ind. (Inside INdiana Business) — A new workforce housing development is under construction in Greenfield. Preserve at Blue Road, being developed by Indianapolis-based Muesing Management Co. Inc., will include 19 buildings across 28 acres when complete, though financial details of the project are not being disclosed.
Carmel-based Merchants Capital, which helped secure funding for the project, says the development will be one of the largest Greenfield has seen in recent years with nearly 350 units.
“The city of Greenfield has not seen a new development of multifamily housing of this caliber for over 10 years, so this new property is a massive win for the community,” Merchants Capital Transaction Manager Scott Lotz said in a news release. “Muesing Management is one of the best in the business with more than 15 multifamily, workforce communities in and around Indianapolis. It was an honor to work with them in closing the financing for this important project.”
Merchants says the units will range from 541 square feet to 1,400 square feet. The complex will also include outdoor amenities, such as a swimming pool, fitness center, dog park and walking trails.
The project is scheduled to be complete in the summer of 2023.
GREENFIELD, Ind. (Inside INdiana Business) — Elanco Animal Health Inc. (NYSE: ELAN) is reporting a first quarter net loss of $61 million, compared to a net loss of $49 million during the same period a year ago. Despite the drop, the company says Q1 was its best yet in terms of revenue after becoming a standalone company in March 2019.
Revenue in the first quarter was $1.2 billion, of which $559 million resulted from its acquisition of Bayer Animal Health. Elanco closed on the purchase of the Germany-based animal health division last August.
“Over the past two years, we have made several hard strategic decisions. Today we are seeing the payoff from those choices, and from the disciplined execution that I believe truly sets Elanco on a path to be a global animal health leader,” said Jeff Simmons, president and chief executive officer at Elanco.
With the acquisition of Bayer, Elanco says its product portfolio grew to 60% companion-animal business. In this most recent report, the company says for the first time ever, its pet business accounted for more than half of its revenue.
The company says it is on track to launch eight new products this year.
Click here to view the full report.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a full-year net loss of $560 million in 2020, compared to net income of $67.9 million the previous year. Despite the drop, Elanco President and Chief Executive Officer Jeff Simmons say the company is entering 2021 “with good momentum.”
The company is also reporting a fourth-quarter loss of nearly $323 million, compared to a loss of $9.5 million during the same period a year ago.
“Fourth quarter revenue surpassed our guidance as U.S. Pet Health, U.S. Farm Animal, and China swine outperformed our expectations,” said Simmons.
In January, the company announced it was laying off 350 employees worldwide, including 50 in Indiana, as part of an ongoing restructuring effort, following the $7 billion acquisition of Bayer.
“Additionally, we are rapidly executing on the necessary actions to drive synergies from the Bayer Animal Health acquisition, taking important steps toward being an agile, fit-for-purpose animal health leader.
The company says its farm animal sector surpassed expectations as the pressure from COVID-19 on cattle and swine customers lessened.
Elanco says it is on track to launch eight new products in 2021.
“We are increasing our 2021 guidance to reflect the ongoing advancement of our Innovation, Portfolio, Productivity strategy in driving shareholder value, and continued confidence in our underlying fundamentals and market positioning,” said Simmons.
Click here to view the full report.
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) says it will cut about 350 jobs globally as part of an ongoing restructuring effort. The company says the move aims to improve operational efficiency following the $7 billion acquisition of Bayer Animal Health last year.
The news comes about four months after the company announced more than 900 jobs would be cut in a restructuring.
As part of the latest restructuring, Elanco plans to close research and development sites in New Zealand and Germany, as well as reduce “duplication and optimize structures in U.S. operations, marketing, manufacturing and quality central functions, and administrative areas.”
Elanco did not immediately answer a question from Inside INdiana Business on whether any of the affected jobs are located in Indiana.
“With a number of milestones achieved since IPO, including the Bayer acquisition, today’s actions are the next step in our commitment to drive operational efficiencies and deliver attractive returns,” Jeff Simmons, chief executive officer of Elanco said in a news release. “As we start 2021, our team is clear on their priorities and brings momentum as we continue to execute and deliver against our expanded and strengthened IPP strategy.”
Elanco says the restructuring is expected to cost between $58 million and $77 million in severance and other cash charges, as well as asset impairments and other non-cash charges. However, the company says the move could save up to $50 million annually in 2022 and beyond.
Last month, Elanco announced plans to move its global headquarters to the former GM Stamping Plant site in downtown Indianapolis as part of an overall $300 million investment. In an interview on Inside INdiana Business with Gerry Dick, Simmons called the move a significant next step in the company’s growth plans.
You can watch the full interview by clicking here.