SOURCE: Industrial Info Resources

August 20, 2007 06:58 ET

No More Rumors: Amgen Slashing $2 Billion Capital Investments and 2,500 Employees, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - August 20, 2007) - Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas) -- The rumors started multiplying on industry insider websites earlier this year, all hinting that Big Bio Amgen (NASDAQ:AMGN) (South San Francisco, California) was preparing to initiate massive layoffs and would scrap a number of major capital projects. The early signs were there, including putting its highly vaunted $1 billion Cork, Ireland project on ice, or in the company's words "...rescoping..." But they ceased being rumors as the questions moved from the bloggers to Amgen's announcement that in response to the twin dragons of poor sales and health alarms surrounding its anemia drugs, Aranesp and EPOGEN, it would shed 12-14% of its employees and cancel nearly $2 billion worth of capital projects. It is a page out of Big Pharma's playbook that the biggest biotech company in the world did not expect or desire to read.

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