Two of the largest drug makers – Amgen and Genentech – are both cutting numerous jobs in coming weeks, adding to a growing number of layoffs in the pharmaceutical industry this year.
Amgen plans to eliminate about 200 R&D positions, mostly in California, by the end of the year as the company makes “organizational changes” to its R&D apparatus, a spokeswoman confirmed. The cuts are being made at facilities in Thousand Oaks, Calif., and South San Francisco. The move comes eight months after Amgen reassigned about 100 R&D jobs from Thousand Oaks to South San Francisco and Cambridge, Mass.
Why has amgen stock lost value considerably recently?
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