Amylin plans restructuring which will lead to $80M reduction in 2009 cash spending

Having posted disappointing third-quarter results, and seen its share price decline to a six-year low on worries about a delay for approval of a once-daily formulation of its injectable anti-diabetes agent Byetta (exenatide) (Marketletter November 3), US drugmaker Amylin Pharmaceuticals has announced a corporate restructuring that will reduce its San Diego workforce by around 25%, or 340 employees, and cut anticipated 2009 cash expenditures by more than $80.0 million.

The company says it remains fully staffed to grow product revenue from Byetta injection and Symlin (pramlintide) injection, also for diabetes, and bring exenatide once-weekly to market. Amylin's collaboration with Eli Lilly on the global development and commercialization of exenatide is unaffected by the restructuring.