Lilly to cut up to 500 jobs

[OhioChick]

Wed Apr 16, 2008 1:29pm EDT

NEW YORK (Reuters) - Drugmaker Eli Lilly and Co (LLY.N: Quote, Profile, Research) said on Wednesday it would cut up to 500 jobs as it streamlines manufacturing operations in its hometown of Indianapolis.

The voluntary exit program is expected to mainly affect workers in manufacturing, along with a small portion in selected areas of research and development.

The cuts involve sites that manufacture ingredients for the insulin products Humalog and Humulin and the osteoporosis medicine Forteo.

Lilly said it has cut its global work force by about 12 percent, or about 5,500 people, from peak employment levels reached in mid-2004, with the reductions coming mainly from attrition.

http://www.reuters.com/article/businessNews/idUSN1633559220080416