Lilly Announces Plans to Close its Shanghai R&D Center

In a letter to China employees, Andrew Hodge, President, Lilly China, notified staff members that Lilly will close down its Shanghai R&D center. The center opened in 2012 and is located in Zhangjiang Hi-Tech Park. Dedicated to diabetes research, it currently has 200 employees. The closing is part of a larger global Lilly restructuring in which 3,500 Lilly employees will leave the company. In the last year, two of Lilly's late-stage pipeline drugs suffered setbacks. To pare down its development costs, the company plans to cut seven Phase II candidates and partner another ten mid-stage cancer drugs. Lilly will prioritize development of seven promising candidates. More details.... Stock Symbol: (NYSE: LLY) Share this with colleagues: // //