Regeneron restructures

REGN disclosed that it restructured and is reducing its headcount by 23% to about 565 from 730. In an SEC filing, the company said the move in part reflects a narrowed R&D focus; the June expiration of its deal with Procter & Gamble (PG) to develop compounds for cardiovascular, bone and other diseases; and an expected completion of a contract manufacturing deal with Merck (MRK) in late 2006. Most of the cuts will come by year end, with the rest after the MRK deal finishes. ...