Array to cut 20% staff following Amgen’s decision to end diabetes partnership

Array Biopharma has announced it is cutting 20% of its staff, following a decision by Amgen to end their type 2 diabetes partnership.

Amgen has elected to end its glucokinase activator partnership with Array and return the program, including ARRY-403 (AMG 151), to Array. Results from Amgen’s recently completed phase 2 clinical trial in patients with type 2 diabetes will be shared with the scientific community in the future.

In a newly-released statement, Array said it was making “a company-wide reduction in staff, focused on the discovery organization“. After the reduction, the biopharmaceutical company “will have approximately 200 employees whose capabilities are tightly aligned with the Company’s strategy”.

Array is to refocus its development and commercialization efforts into the areas of hematology and oncology.

The agreement is due to end on October 5th 2013, just under four years since the two companies entered the deal in December 2009. At the time, Array received an upfront payment of $60 million and milestone payments of $8.5 million.

 

Related news:

Array says Amgen ends agreement, to cut 20 percent jobs (Reuters)

Reference links:

Array BioPharma press release

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