Drugmaker Eli Lilly Will Cut 3,500 Jobs
- Company to cut 8.5 percent of its workforce, close some plants
- CEO sees shift to newer products as weak prices erode profits
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Eli Lilly & Co. plans to cut 8.5 percent of its workforce in a bid to free up resources to fund new drugs, amid acute pricing pressure for some of its biggest products.
The Indianapolis company said some of the 3,500 job cuts will come from early retirements, with about 2,000 positions set to be eliminated in the U.S. Lilly plans to close a research facility in Bridgewater, New Jersey, and consolidate some manufacturing operations in its animal health unit, it said in a statement.