3 Speen Street, Suite 300, Framingham, MA 01701. He left The Times in 2016. In fact, the company’s overall R&D spend was up 8% this quarter to $927 million due to Otezla. 4. Older parents and retirement: What about child benefits? © 2020 Questex LLC. Amgen to cut 149 staff in retreat from neuroscience R&D, GE Healthcare’s AI-fueled cardiovascular ultrasound wins FDA nod, 2nd time’s the charm for Codiak Biosciences and its $83M IPO, Cue Health nets $481M DOD contract for hand-held COVID-19 tests. Otezla marks Amgen’s second effort directed at COVID-19. Subscribe to FierceBiotech to get industry news and updates delivered to your inbox. Access to Medicines Initiatives Outside the U.S. Non-Healthcare Donations and Sponsorships, Dr. David Reese Discusses Amgen’s COVID-19 Work at ‘WSJ Tech Health’ Event. We moved into together on March 14. GE Healthcare nabbed FDA clearance for its AI-powered cardiovascular ultrasound system, designed to increase echocardiogram efficiency and accuracy. With Amgen exiting neuroscience research, those skills are now largely surplus to requirements. During Amgen’s first-quarter earnings announcement, the company disclosed that the drug, which blocks an enzyme called PDE4, will enter a clinical trial soon to study its effectiveness in preventing respiratory distress from COVID-19. Most employees declined to speak to The Times as they left work Tuesday, with some once-secure jobs now in question as workers headed for the nearby 101 Freeway. Analysts believe the inclusion of 5G data capability in the new generation of iPhones could spur the biggest wave of upgrades in years for Apple. Codiak pulled off an $83 million IPO, falling short of the $100 million it sought in September when it filed to go public for the second time. Avoiding Layoffs Where Possible During The COVID … Fortune 500 companies are using their services, infrastructure, products, equipment, and expertise to fight the coronavirus pandemic and help their … Otezla is a pill, an attribute that Amgen’s executives believe may be a key selling point as it continues to build the markets in which it is currently approved. The other two doses—700 milligrams and 7,000 milligrams—did no better than placebo. Amgen (ticker: AMGN) reported earnings per share of $4.17 for the first quarter of 2020, beating the S&P Capital IQ Consensus estimate of $3.75. Last week, Amgen submitted a Worker Adjustment and Retraining (WARN) filing with the Commonwealth of Massachusetts. Exempt employees need to receive a weekly salary of a particular amount, depending on the state, to meet the statutory salary threshold. Months of fervid research have whittled away most potential options to treat patients with COVID-19, a group of antibody cocktails still hold promise. Stuart Pfeifer is a former business reporter for the Los Angeles Times. It's not the first time during the novel coronavirus pandemic that Lilly and Amgen have combined forces to boost COVID-fighting antibodies. I have been practicing labor and employment law for over two decades. Dr. David M. Reese (pictured above) discusses efforts to treat or prevent COVID-19. I regularly conduct investigations, reporting to boards of directors and their audit committees. It is one of the largest publicly traded companies in Southern California, with $18.7 billion of revenue in 2013 and a market capitalization of about $93 billion. “It’ll be interesting,” one woman said with a smile. RELATED: The top 10 largest biopharma M&A deals in 2019 | Amgen/Celgene's Otezla. That helped drive Amgen’s first-quarter revenues up 11% year over year to $6.2 billion, beating the consensus estimate of $6 billion. Enclose phrases in quotes. Do you want to link to this External Site and leave Amgen.com? For longtime employees, massive cuts at Amgen are nothing new. At the time, analysts expected the drug to peak at $2.5 billion a year in sales, which would make it possible for Amgen to recoup the investment by 2024. COVID-19 vaccine manufacturing partner Emergent BioSolutions should be protected from financial fallout should J&J's product fail, analysts said. You may occasionally receive promotional content from the Los Angeles Times. Amgen focused its Cambridge research site on neuroscience and hired people versed in medicinal chemistry, pharmacokinetics and drug metabolism, genetics, cell biology and and toxicology to staff it. It also has trials underway in scalp psoriasis, juvenile idiopathic psoriasis and more. Jordan … Amgen and Novartis pulled the plug on the program after an interim review linked the BACE inhibitor to a worsening of cognitive function. Rep. Katie Porter and seven other Democrats in Congress request an investigation into the spending of PPP money by Columbia Sussex, which owns or operates scores of hotels. The company’s stock was up 66 cents, or 0.5%, to $123.31 in trading ahead of the news. Biotech giant Amgen Inc. said it would cut up to 2,900 employees and close facilities in Washington state and Colorado as the Thousand Oaks company moved to rein in costs and focus on new drugs.