Eli Lilly & Co. is cutting costs by chopping 3,500 jobs from its payroll and will spend the $500m in annual savings on activities that will help the company grow its revenue – research and development for new medicines and support for newly approved products.
Finance Watch: Lilly Cuts 3,500 Jobs Globally To Drive Growth
Lilly will save $500m annually starting in 2018 after $1.2bn in layoff-related costs to reinvest in new products. Also, Cytori halves its headcount; VC OrbiMed closed a $551m Asia fund; and Insmed capitalizes on positive data.
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