Eli Lilly to Close Singapore Drug Discovery Center
Eli Lilly To Close Singapore Drug Discovery Center [The Indianapolis Star]
From Indianapolis Star (IN) (October 19, 2010)
Oct. 18--Eli Lilly and Co. said today it will close a cancer and diabetes-geared drug discovery center in December that was three years into a five-year, $150 million plan to expand, according to reports.
The Wall Street Journal and Bloomberg both reported that 130 workers would be impacted by the closure, with projects transferred to Lilly’s Indianapolis headquarters.
"We regret Lilly’s decision to close the Lilly Singapore Center for Drug Discovery, and are working closely with the company to place affected staff," EDB Director of Biomedical Sciences Beh Kian Teik said in a statement, the Journal reported. "The company has arrived at this decision as part of its global business review and after much discussion with the EDB."
Lilly said in 2007 it planned to spend $150 million over five years to expand the center, with a focus on translating basic research into treatments for cancer and type 2 diabetes, Bloomberg reported.
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Posted: October 2010