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ARTICLE | Company News

Array cuts headcount, Amgen terminates deal

August 7, 2013 11:38 PM UTC

Array BioPharma Inc. (NASDAQ: ARRY) said it cut headcount by 20% to about 200 and said Amgen Inc. (NASDAQ:AMGN) is terminating a 2009 deal under which it had worldwide rights to develop and commercialize Array's small molecule glucokinase activator (GKA) program. All rights to the GKA program will revert to Array, effective Oct. 5. AMG 151 -- the program's most advanced compound -- has completed a Phase IIa trial for Type II diabetes. Array would have been eligible for up to $658 million in milestones, plus royalties.

Array said the headcount reductions were not related to the deal termination and came mainly from its drug discovery organization, which the company now plans to fund through partnerships. At June 30, the company had $108.7 million in cash and a 12-month operating loss of $39.5 million. ...