Lilly Set To Cut Jobs

Eli Lilly & Co., confronted with the possibility of a steep revenue decline because of looming patent expirations, on Monday said it plans to reduce its work force by nearly 14%, or 5,500 employees, and revamp its operating structure. Rival drug makers, including Pfizer Inc. and Merck & Co., have engineered large-scale acquisitions to address their challenges, but CEO, John Lechleiter has eschewed a large deal in favor of smaller purchases. To fill its pipeline gap, Lilly will probably need to pony up billions of additional dollars on midsize acquisitions or drug-licensing deals in the next few years.

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