Foxbusiness reports this morning that Eli Lilly will close its Singapore Center for Drug Discovery in December as the revenue challenged company looks to shave costs. The center is a collaboration between Lilly and Singapore Economic Development Board and has been in operation since 2002.
Lilly has decided to close the site, move all projects there that will be retained in their pipeline back to the main R&D center in Indianapolis. About 130 staff will lose their jobs with the site closing and that will save costs for Lilly who faces revenue challenges with both an impending patent cliff and recent failures in its late stage pipeline. Lilly has been active at outsourcing R&D in and out of the US for several years now - a trend it is apparently reversing in this case at least with regard to doing work outside the US. Presumably the retained projects will move to its partner Covance in IN as both companies inked a deal for early stage work back in 2008.
"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," says EDB Director of Biomedical Sciences Beh Kian Teik.
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Posted by Bruce Lehr October 18th 2010.