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Alkermes, Inc.
Alkermes Announces Restructuring
April 6th, 2008
Alkermes, Inc. (NASDAQ: ALKS) announced that it is restructuring its operations following the termination by Eli Lilly and Company (Lilly) of the AIR(R) Insulin program, as announced March 7, 2008. With this restructuring, Alkermes is reducing its workforce by approximately 150 employees and closing its AIR commercial manufacturing facility in Chelsea, MA. The company is taking these actions based on its current expectations of the financial impact of Lilly's termination of the AIR Insulin program. "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...
Source: Pharma Investments, Ventures & Law Weekly (2008-04-06)
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