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Article: DeCode Cuts Work Force, Signs Multimillion-Dollar Merck Deal.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
The cutbacks just keep coming at biotechnology companies.
On Friday, DeCode genetics Inc. said it is eliminating nearly a third of its work force, or about 200 employees, as part of a plan to achieve positive cash flow in the next year. The Reykjavik, Iceland-based firm said the move would allow it to fund operations solely through revenue generated by its product-driven genetics research and service businesses, which includes contract chemistry services, pharmacogenomics and informatics.
DeCode also should earn some extra funds from a newly reported deal with Merck & Co. Inc., an alliance disclosed the same day aimed at developing ...
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