Indianapolis, Indiana-based Eli Lilly and Corporation is a multinational pharmaceutical company with offices in 18 countries. Approximately 125 nations sell its goods. After serving in the Civil War, Colonel Eli Lilly established the corporation and named it after him.
The polio vaccine created by Jonas Salk and insulin are two of Lilly’s most renowned accomplishments. Human insulin was produced using recombinant DNA for the first time by this company, including Humulin (a medicine for diabetes), Humalog (a lispro insulin), and Basaglar, the first US-approved biosimilar insulin product (insulin glargine).
Prozac (fluoxetine), Dolophine (methadone), Cymbalta (duloxetine), and Zyprexa (zolpidem) are all manufactured by Lilly (olanzapine).
The Fortune 500’s 2019 list has the firm at position 123.
At 221 on the Forbes Global 2000 list, it is among the world’s biggest publicly traded firms, as well as the 252nd-best employer in the United States.
A full member of the Pharmaceutical Manufacturers Association of America (PhRMA) as well as the European Federation of Pharmaceutical Industries and Associations (EFPIA), Eli Lilly is committed to the pharmaceutical industry (EFPIA).
Indiana’s biggest company and most generous philanthropist in 1997 was
HISTORY
Colonel Eli Lilly, a pharmacist who served in the Union army during the American Civil War, founded the corporation. Before his death in 1898, Lilly was the company president.
In 1869, Lilly became a partner in a Paris, Illinois, pharmacy with James W. Binford after working in Indiana.
When Lilly and Binford split up in 1873, he returned to Indianapolis. After John F. Johnston and Lilly established a drug production company in 1874, the partnership was dissolved in 1876. A year later, in May 1876, Lilly opened his own pharmaceutical production company in Indianapolis, Indiana. Eli Lilly and Company was the name of his new company.
The early years were between 1870 and 1900.
On May 10, 1876, Eli Lilly founded his own Indianapolis laboratory and started producing pharmaceuticals. “Eli Lilly, Chemist” was written on a sign outside the shop’s front entrance. To begin, Lilly hired his own son Josiah as one of three workers for his manufacturing company (J. K.).
Quinine, a malaria medication, was one of Lilly’s first creations.
Sales totaled $4,470 at the conclusion of the year. The company’s value had risen to $48,000 by 1879. For the first time, Lilly’s medications were sold throughout the country when his brother James was employed as his first full-time salesperson in 1878.
The firm relocated from Pearl Street to 36 South Meridian Street because of the increased size of the building. In 1881, the firm relocated to the south-side industrial neighbourhood of Indianapolis, where it has had its headquarters ever since. Additional research and manufacturing facilities were eventually bought by Lilly.
Gelatin-coating for tablets and capsules was Lilly’s first breakthrough. Early developments by the firm included fruit flavourings and sugarcoated tablets, which made the drugs easier to take.
Eli Lilly and Company was established in 1881 after Lilly elected a board of directors and distributed shares to close friends and family members. When Colonel Lilly’s only son, Josiah (J. K.), graduated from the Philadelphia College of Pharmacy in 1882 as a pharmaceutical chemist, he joined the family company as the laboratory’s supervisor. In 1898, J. K. was elected president of the corporation. Succus Alteran, the company’s first and most popular product, was first mixed and sold in 1883. As a “blood purifier” and cure for syphilis, certain forms of rheumatism, and skin illnesses including eczema and psoriasis, the substance was widely advertised. Lilly was able to expand its production and research facilities as a result of this product’s sales. One of Indianapolis’ most prominent businesspeople, Colonel Lilly’s firm employed more than a hundred people and made $200,000 a year in sales by the late 1880s.
The Lilly facility on Indianapolis’s near south side attracted a slew of other enterprises as the firm developed. In time, the neighbourhood became one of the city’s most important commercial and industrial centres. More than two dozen buildings encompassing a fifteen-block area housed Lilly’s production, manufacturing, research, and administrative activities in Indianapolis. In addition, there were production factories along Kentucky Avenue.
A flurry of medication manufacturing took place at Eli Lilly and Company throughout the 1970s and 1980s; the company produced an antibiotic in 1971; a heart medicine in 1977; Ceclor in 1979; a leukaemia drug in 1980; an antiarthritic in 1981; and an analgesic in 1983. On example, Lilly moved into agricultural chemicals, animal-health products, cosmetics, and medical devices following the expiry of patents for pharmaceuticals created in the 1950s or 1960s.
In 1971, the firm was included in the S&P 500 Index for the first time.
In 1971, Lilly took an unconventional, but ultimately successful, move to broaden its product line: it paid $38 million for cosmetics maker Elizabeth Arden, Inc. Despite the fact that the subsidiary continued to lose money for five years after Lilly purchased it, top management adjustments at Arden helped it become a financially successful entity. With revenues double to $30 million in 1982, the subsidiary’s “sales were up 90 percent from 1978.” Lilly sold Arden to Fabergé for $657 million in 1987, 16 years after it was purchased.
In 1977, Lilly acquired IVAC Corporation, a manufacturer of vital signs and intravenous fluid infusion monitoring devices, to expand its medical equipment business.
Cardiac Pacemakers Incorporated, a company that makes pacemakers for the heart, was also bought by Lilly in 1977. After purchasing Physio-Control in 1980, Lilly became the owner of the company. Among the other purchases were Advance Cardiovasular Systems Incorporated in 1984, Hybritech in 1986, and Devices for Vascular Intervention, Incorporated in 1989. The companies Origin Medsystems, Heart Rhythm Technologies, Inc., and Pacific Biotech, Inc. were bought by Lilly in 1990 and 1992, respectively. These medical equipment firms were integrated into a Medical Devices and Diagnostics Division by Lilly in the early 1990’s, which “contributed around 20 percent” of Lilly’s yearly sales.
DowElanco was established in 1989 as a result of a joint venture between Elanco Products Company and Dow Chemical. As a result of Lilly’s $1.2 billion sale to Dow Chemical in 1997, the firm was renamed Dow AgroSciences.
When Lilly purchased PCS Systems, a medicine distribution service for Health Maintenance Organizations, in 1994, it also purchased two other similar companies. For $4 billion, Lilly acquired PCS, the nation’s biggest pharmacy benefit manager at the time.
Eli Lilly’s CEO at the time was Vaughn Bryson, who took over in 1991. The firm announced its first quarterly loss as a publicly listed corporation during his 20-month tenure. After “product and competition challenges” “steadily undermined Lilly’s stock price since early 1992,” AT&T vice chairman and Lilly board member Randall L. Tobias was appointed chairman, president, and CEO of Lilly in 1993. President and CEO Tobias S. Schmidt came in the first time from outside the firm. We “reduced expenses and limited our objective” under Tobias’ guidance. Additionally, the Medical Device and Diagnostics Division of Lilly has made purchases and divested firms in order to support new research and development as well as foreign expansion. In 1998, Tobias was replaced as CEO by Sidney Taurel, a former Lilly COO. In January 1999, Taurel was appointed chairman of the board. Lilly’s net sales in 2000 were $10.86 billion.
In 1998, Eli Lilly and Icos Corporation (ICOS), a biotechnology firm located in Bothell, Washington, created a joint venture to develop and sell Cialis, a drug to treat erectile dysfunction (ED). Lilly announced its plan to purchase Icos in October 2006 for $2.1 billion, or $32 per share. Lilly increased their offer to $34 per share after its original effort to purchase Icos failed due to pressure from major institutional shareholders. An advisory firm, Institutional Shareholder Services (ISS), urged Icos shareholders to reject the deal as undervalued, but the buyout was authorised by Icos shareholders and Lilly finalised its purchase of the business on January 29, 2007. Lilly let off roughly 500 Icos workers and only kept 127 people on the payroll at the biologics plant after shutting down Icos’ manufacturing activities. CMC Biopharmaceuticals A/S (CMC), a Copenhagen, Denmark-based supplier of contract biomanufacturing services, purchased Lilly’s biologics plant in Bothell in December 2007 and kept the current 127 staff.
Lilly was fined $1.415 billion in January 2009 for illegally promoting Zyprexa, its best-selling atypical antipsychotic drug, in the United States.
A worldwide agreement for the combined research and commercialization of novel APIs for diabetes treatment was announced by Boehringer Ingelheim and Eli Lilly & Company in January 2011. Boehringer Ingelheim might earn over $800 million from the development of the new pharmaceuticals, while Lilly could earn over $1 billion for their involvement on the project. Linagliptin and BI 10773 of Boehringer Ingelheim and two insulin analogues of Lilly were in clinical development at the time. LY2605541 and LY2963016 of Lilly were also in clinical development.
Animal health division of Novartis AG, a Swiss pharmaceutical company, was to be purchased by Lilly for $5.4 billion cash in April 2014 in order to improve and diversify Elanco. Lilly said that it expected to finance the transaction with $3.4 billion in cash on hand and $2 billion in borrowing, according to the company. To prevent a monopoly in a subsector of the heartworm (Dirofilariaimmitis) treatment market, the Sentinel heartworm therapy would be transferred to Virbac.
When Hanmi Pharmaceutical announced in March 2015 that it was joining forces with the firm to jointly develop and commercialise HM71224, Hanmi said it expected to make $690 million from the acquisition.
An agreement with Innovent Biologics to co-develop and commercialise at least three of Innovent’s medications over the next decade, which could earn $456 million, was revealed only one day later. Innovent will provide a monoclonal antibody that targets CD-20 in exchange for the firm providing its c-Met monoclonal antibody. Innovent’s second immuno-oncology drug is in preclinical development. During the following week, it was revealed that the firm will resume working with Pfizer on Tanezumab’s Phase III study once again. Initially, Pfizer expects to receive $200 million in cash from the firm. The Vacaville, California biomanufacturing plant of the corporation was listed for sale by CBRE Group in April of that year. At 52 acres (0.21 km2), it is one of America’s biggest biopharmaceutical production facilities. ”
It was announced in January 2017 that Boehringer Ingelheim Vetmedica, Inc. (a subsidiary of Boehringer Ingelheim) has completed the acquisition of Elanco Animal Health, a subsidiary of the firm.
Lasmiditan, a late clinical-stage migraine treatment candidate, was bought for $960 million by the business in March 2017.
Armo Biosciences was purchased by the business in May 2018 for $1.6 billion. AK-01, the business’s flagship drug, was acquired for up to $575 million days later, when the company announced it would purchase Aurora kinase A inhibitor producer AurKa Pharma.
Eli Lilly stated in January 2019 that it will pay $235 per share for Loxo Cancer, valuing the company at roughly $8 billion, in order to dramatically expand its oncology portfolio. LOXO-292, an oral proto-oncogene receptor tyrosine kinase rearranged during transfection (RET) inhibitor, LOXO-305, an oral Bruton’s tyrosine kinase (BTK) inhibitor and LOXO-195, a follow-on TRK inhibitor, will be included in the agreement, as will Vitrakvi (larotrectinib). Elanco paid $7.6 billion for Bayer’s animal health division in August 2019.
Lebrikizumab and glycopyrronium cloth for treating hyperhidrosis were among the assets that Dermira agreed to sell for $1.1 billion in January 2020.
As of June, LY-CoV555, a possible monoclonal antibody therapy for COVID-19, was being tested in a Phase 1 trial in conjunction with AbCellera, according to the business. According to a press release from Eli Lilly dated October 7, 2020, the company has submitted an emergency use authorisation request to the FDA after concluding that their cocktail is effective (EUA). Meanwhile, competing firm Regeneron submitted an EUA to use a monoclonal antibody to treat cancer on the same day. Eli Lilly announced in October that it will purchase Disarm Therapeutics for $135 million (with a further $1.225 billion dependent on regulatory and commercial milestones) for its experimental therapies for axonal degeneration, using SARM1 inhibitors, in exchange for a further $1.225 billion. Eli Lilly revealed in October that their monoclonal antibody, bamlanivimab (LYCoV555), was not successful in treating persons hospitalised with COVID-19 in the National Institutes of Health (NIH) ACTIV-3 clinical study. The NIH ACTIV-2 experiment and the company’s BLAZE-1 trial will continue to assess bamlanivimab, as will other trials. Bamlanivimab, an experimental monoclonal antibody medication, received an emergency use authorisation (EUA) from the FDA in November to treat mild to moderate COVID-19 in adults and children. Prevail Therapeutics Inc., a gene therapy company specialising on neurodegenerative diseases, was purchased by Lilly for $1 billion in December. When given alone, experimental monoclonal antibody therapy bamlanivimab was approved to treat adults and certain children patients with mild-to-moderate COVID-19 until 16 April 2021, when the FDA cancelled the EUA.
The corporation announced in July 2021 that it will pay more than $1 billion to purchase Protomer Technologies.
