Business in Brief

Family of former president sells stations to Indianapolis company\nAUSTIN, Texas -- After more than a half century in radio, the family of former President Lyndon B. Johnson said Monday it has sold its interest in LBJS Broadcasting Co.\nThe six Austin radio stations were sold to Emmis Communications of Indianapolis. The cash transaction is subject to regulatory approval.\nEmmis, owner of Texas Monthly magazine, could not pass up an opportunity to become "a major player in an exceptional growth market," said Jeff Smulyan, Emmis chairman and chief executive officer.\nLady Bird Johnson, now 90, started the radio business when she bought the family's first station in 1942 with $17,500 in inheritance money while her husband was a member of Congress. LBJ Broadcast had operated the radio stations in partnership with Sinclair Telecable Inc. since 1997. Emmis Communications said it signed an agreement with Sinclair to buy 50.1 percent of the six-station cluster for about $105 million.\nAs part of the transaction, Emmis will buy LBJ's stake in the partnership. Sinclair will then contribute the assets of KEYI-FM to the partnership, leaving Emmis with a majority stake.\nExplosion destroys restaurant at eastern Indiana resort\nBRYANT, Ind. -- The owner of the Bearcreek Farms resort plans to open on schedule in March despite an explosion and fire that destroyed its main restaurant and caused damage estimated at more than $1 million.\nCrews were working Thursday to repair a natural gas valve in the Homestead Restaurant when gas escaped and was sparked by a nearby water heater, owner Don Strong said.\nThe workers were able to escape without any injuries and no customers were inside since the restaurant was not scheduled to open for the season until next week. The building was engulfed in flames by the time firefighters from several area departments arrived.\nLilly, 3M suspend trials of genital herpes drug\nINDIANAPOLIS -- Eli Lilly & Co. and 3M Co. have suspended clinical trials of their genital herpes treatment, resiquimod, because preliminary data showed the drug wasn't as effective as expected.\nThe companies had reported positive results in earlier clinical trials.\nResiquimod was to be a more potent sister to 3M's Aldara, which also treats genital herpes -- a disease with no cure and characterized by painful sores and blisters.\n3M said it will reevaluate the clinical approach on resiquimod, while the company's broader family of immune-response-modifiers, or IRMs, continue to show progress.\nLast month, analysts were paying close attention to any news about 3M's IRM business, which is estimated at $100 million a year in sales. But, the company didn't provide specific information about that business in its fourth-quarter financial report.\n3M, which is continuing to build a pipeline of new IRMs, reported positive results from the Preliminary Phase III data on imiquimod, which treats superficial basal cell carcinoma.\nIndianapolis-based Eli Lilly makes prescription drugs including Prozac. The company's shares closed Monday at $56.67, down 81 cents, or 1.4 percent, on the New York Stock Exchange.\nShares of St. Paul, Minn.-based 3M finished the day at $125.02, down $1.83, or 1.4 percent, also on the Big Board.