Issue Date: November 17, 2008
Two Big Biotech Firms Cut Jobs
Amylin Pharmaceuticals is slashing 25% of its workforce, or 340 employees, as it attempts to turn a profit in 2009. The San Diego-based company says the restructuring move will save it more than $100 million in operating expenses next year and even more in 2010. Sales of Amylin's two diabetes treatments, Byetta and Symlin, grew 15% to $580 million in the first nine months of the year, but the firm has yet to show investors a return. Separately, Exelixis will trim 10% of its staff, or 78 employees, to better balance the cash it is bringing in with what it spends on research.
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