Bristol-Myers will cut around 300 Amylin jobs
Bristol-Myers to close Amylin's headquarters in San Diego and cut about 300 jobs
NEW YORK (AP) -- Bristol-Myers Squibb Co. said Thursday it is closing Amylin Pharmaceuticals' headquarters in San Diego and eliminating about 300 positions at the facility.
Bristol-Myers said in a statement all the work that is done in the San Diego facility will move to other locations by the end of 2014, and the facility should be closed by the end of March 2015. Amylin has about 420 employees in San Diego, and Bristol-Myers said about 100 to 125 of those employees will be offered a chance to move to other locations if they are interested.
Amylin's products include the twice-a-day diabetes drug Byetta and a newer once-a-week version called Bydureon. Bristol-Myers bought Amylin in August for $5 billion. Bristol-Myers and British drugmaker AstraZeneca are now developing and marketing Amylin's portfolio of diabetes drugs.
The purchase is intended to restore Bristol-Myers' position as a top maker of diabetes drugs.
Bristol-Myers said Amylin had about 1,250 jobs when the deal closed, and that total has been cut to about 1,100 since then. Amylin has about 400 employees in sales and medical positions and about 300 workers at a manufacturing plant in West Chester, Ohio.
The New York drugmaker has about 28,000 employees overall, according to FactSet.
Shares of Bristol-Myers fell 8 cents to $40.99 in midday trading.
