Report: Layoffs Hit Elan
Elan, the Dublin, Ireland-based drugmaker that co-manufactures Biogen Idec’s (NASDAQ: BIIB) multiple sclerosis drug Tysabri and has a major R&D operation in South San Francisco, is cutting staff, according to a late-Tuesday report from Reuters. The news organization said Elan is laying off approximately 130 people, or 10 percent of its total workforce, with most of the cuts occurring at the South San Francisco facility. About half of the people losing their jobs were scientists, Reuters said. The company reported losses of almost $260 million for the first nine months of 2010, and it stock has suffered an 80 percent decline since mid-2008.