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Amylin Pharmaceuticals cuts 340 jobs

San Diego-based biopharmaceutical company Amylin has announced that as part of a restructure it will slash its workforce by 25 per cent

San Diego-based biopharmaceutical company Amylin has announced that as part of a restructure it will slash its workforce by 25 per cent with an expectation of reducing expenditure by more than $80m.

The company was founded in 1987 and developed the diabetes treatments Symlin and Byetta. Amylin is in collaboration with Eli Lilly & Co on the global development and commercialisation of Byetta (exenatide) – however the company has stressed that this partnership is unaffected by the restructure.

"We've made a difficult, but necessary, decision as a result of factors affecting our business," said Daniel M Bradbury, president and CEO at Amylin Pharmaceuticals. "Sales revenues have not met the expectations we had when we scaled up our organisation. Today's actions will bring operating expenses more in line with revenue and enable us to continue to achieve our business goals of increasing sales of Byetta and Symlin and bringing exenatide once weekly to market as quickly as possible.

"The restructuring and workforce reductions impact administration, operations, and research and development. We continue to work closely with our partner Lilly to enhance the effectiveness and efficiency of the commercial organisation."

Following the restructure, the company will employ approximately 900 staff in San Diego, with a total of 1,800 staff worldwide.

12th November 2008

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