Reports from The Cincinnati Enquirer:
Diabetes drug maker Amylin Pharmaceuticals Inc., which employs 300 in West Chester, reported a larger fourth-quarter loss after it ended a partnership with Eli Lilly & Co., giving Amylin all the rights to the newly approved, once-weekly diabetes injection Bydureon.
San Diego-based Amylin said it lost $461.5 million, or $3.15 per share, including $431.6 million in charges related to the re-acquisition of its Byetta and Bydureon drugs.
A year ago it reported a loss of $19.2 million, or 13 cents per share. Excluding the payments to Eli Lilly and other one-time charges, Amylin said it lost 9 cents per share in the most recent quarter. Revenue declined 5 percent to $164.9 million from $174.2 million.
Amylin and Lilly announced in November that they were ending their collaboration. Amylin agreed to pay $250 million to Indianapolis-based Lilly, and dropped a lawsuit regarding a newer collaboration between Lilly and German drugmaker Boehringer Ingelheim. Amylin will also pay Lilly 15 percent on global sales of Byetta and Bydureon up to $1.2 billion, plus interest.
Byetta is injected twice a day, while Bydureon is taken once per week. Sales of Byetta, which was approved in 2005, fell 3 percent to $132.6 million during the quarter. The Food and Drug Administration approved Bydureon on Jan. 27. European Union regulators approved the drug in June, and Amylin is looking for a new partner to help market the drug in other countries.
For all of 2011 Amylin reported a loss of $543.4 million, or $3.73 per share, compared to a loss of $152.3 million, or $1.06 per share, in 2010. Revenue fell 3 percent, to $650.7 million from $668.8 million.
West Chester firms cutting 375 jobs: Nearly 400 workers in West Chester will lose jobs later this year as result of termination notices filed with the Ohio Department of Job and Family Services.
Liz Claiborne Inc. confirmed an announcement last year that it will shut its distribution center at 8741 Jacquemin Drive by Sept. 1, eliminating 365 jobs. All but 63 of the workers are represented by Workers United, Chicago and Midwest Regional Joint Board. The company said the cuts will be made over the next several months in phases.
Separately, Schneider Logistics Inc. said it would eliminate 10 positions by the end of March due to ceasing services for General Motors Corp.’s distribution center at 8752 Jacquemin Drive.
