Amgen

Biotechnology giant Amgen ( AMGN) said on Oct. 19 that it is laying off 380 employees in its research and development division. This represents about 6% of its total workforce.

The company said it is restructuring these operations in the effort to better allocate its research and development resources.

In its second quarter, Amgen spent 26% more in research to $808 million. In a statement, Amgen said it has experimental drugs moving into expensive, late-stage patient testing so it must shift some research and development resources to invest in the testing and other work related to getting the experimental medicines approved.

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