The decision by Alkermes Inc. last week to cut programs in order to reduce the company's burn rate was a move the company has been anticipating for the past year-and-a-half. ALKS waited this long because until now, it didn't have a rational way of choosing between programs.

"You can pursue these businesses along two different axes," said CEO Richard Pops. "One way is to fund all programs. But that forces you to fund things with expensive equity, given $3 or $4 stock prices. To us, that doesn't make a whole lot of sense. Fundamentally, we