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Alkermes restructures operations |
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News -
Nanomedicine and Drug Delivery News Archive
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Wednesday, 19 March 2008 |
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Following the termination by Lilly of the AIR(R) inhaled insulin program with Alkermes (see also news on March 7, 2008), Alkermes announced that it will cut 150 jobs and close its AIR(R) commercial manufacturing facility in Chelsea, Massachusetts.
The reduction in workforce will be effective this week and it represents 18% of the company's total workforce.
As a result of the restructuring, Alkermes does not expect any expense savings in fiscal 2008, ending March 31, 2008, but it does expect cost savings in the range of $15 to $20 million in fiscal 2009.
Source: Alkermes, Inc. |
