For years, the world's biggest biotech could do no wrong. Big, rich and influential, Amgen set the mold for what smaller biotechs hoped to imitate as they aspired to join Amgen as one of a handful of Big Biotech companies. But recently the biotech has looked more like an aging Big Pharma company as anemia drug sales have been hammered by safety concerns and older therapies face new competition.
Inevitably, Amgen did what was necessary. Plagued by falling sales of its blockbuster anemia drugs Aranesp and Epogen, Amgen slashed about 14 percent of its workforce--up to 2,600 jobs--as part of a widespread restructuring aimed at slicing out a billion dollars in expenses. The restructuring includes closing of some facilities and reductions in various operating units. And much to Ireland's disappointment, Amgen said it would "postpone indefinitely" a planned â‚¬800 million manufacturing facility in County Cork as well.
- see Amgen's announcement on the layoffs
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