Eli Lilly is laying off all 700 employees at Icos as part of its pending purchase of the biotech company.
The cuts will become effective over the next year if Icos shareholders ratify the proposed $2.1 billion sale at a shareholders vote next Tuesday.
Icos said in mid-November that most employees had received layoff notices but hadn't confirmed until now that all workers are being dismissed.
George Rathmann, a biotech legend who co-founded Icos after guiding Amgen to the top of the industry, said in an interview he was "surprised" and "disappointed" to learn of the comprehensive layoff. "That is very strange," he said.
1 comment:
As far as I can tell, pharma companies try to learn all the rules of M&A and then do exactly the OPPOSITE of what they should to build shareholder value.
Adam
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