Elan Eliminates More Than 100 Jobs
July 14th, 2011 // 12:44 pm @ jmpickett
Source: Pharmalot.com
Following the recent decision to sell its drug manufacturing unit to Alkermes for $960 million, Elan is eliminating 104 jobs from a Pennsylvania facility that is part of the deal, according to a notice filed with the Pennsylvania Department of Labor . The jobs will be gone next month and the facility is expected to be closed by September, an Elan spokeswoman writes us.
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The last time Elan wanted to reduce its headcount, the executive team flew on a private jet from New York to San Francisco to eliminate all of 130 jobs, which was roughly 10 percent of its workforce. That costly move prompted intense criticism, especially since Elan had recently engaged in an embarrassing brawl with some investors over strategy and spending .
Alkermes is buying the Elan Drug Technologies unit to obtain a chemical formulation and manufacturing business, along with a stake in two recently approved drugs, the Invega Sustenna treatment for schizophrenia, and the Ampyra medication for multiple sclerosis. Alkermes, you may recall, has co-developed the Bydureon diabetes treatment as part of a partnership with Amylin Pharmaceuticals and Eli Lilly. The high-profile med is awaiting FDA approval.
The sale considerably shrinks the Elan headcount. Before the deal, Elan employees about 1,150 worldwide, including 670 in the unit being sold to Alkermes.
Source: Pharmalot.com
