Alkermes cuts staff after Lilly axes pact

Big Pharma's collective stampede from the inhaled insulin field is claiming the jobs of 150 people who work at Alkermes. The developer said it is cutting 18 percent of its staff due to Eli Lilly's decision to follow the example set by Novo Nordisk and Pfizer and pull out of their insulin development program. Alkermes is also closing a manufacturing facility in Chelsea, MA.

"We are implementing a new operational cost structure to align our expenses with near-term revenues, which we anticipate will be lower than expected due to Lilly's termination of the inhaled insulin program," Cambridge, MA-based Alkermes said.

- here's the release
- read the report from Thomson Financial

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