Amgen Will Cut Jobs, Close Labs And Plants

Amgen, the world’s largest biotech company, will eliminate up to 2,900 jobs, as much as 15% of its workforce, as part of a plan to cut costs and focus on the launch of new drugs. The cuts will take place through 2015, primarily in the U.S. The company will close R&D facilities in Seattle and Bothell, Wash., and manufacturing sites in Boulder and Longmont, Colo. It will scale back at its Thousand Oaks, Calif., headquarters. At the same time, the firm says it will expand its presence in the biotech hubs of Cambridge, Mass., and South San Francisco. The company revealed the cuts while announcing a 26% improvement in second-quarter earnings.