HEALTH

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. Guidant will consist of Advanced Cardiovascular Systems Inc., Cardiac Pacemakers Inc., Devices for Vascular Intervention Inc., Origin Medsystems Inc. and Heart Rhythm Technologies Inc.