Lilly Announces Date For Layoffs

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INDIANAPOLIS -

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has confirmed the timeline of its previously-announced layoffs. In a notice to the state, the company says about 485 employees, including 75 in Indiana, will be out of work beginning March 31.

The affected workers are all field-based employees within the company's U.S. Bio-Medicines business unit. Lilly says some of the employees have already landed other positions within the company and others have the opportunity to do the same through the 12-week reallocation period, which ends on March 31.

Lilly says the affected employees have the option to leave at an earlier date.

The cuts are the result of Lilly's decision to discontinue development of a new Alzheimer's disease treatment after it failed to hit its primary targets in a late-stage trial. The company said the expirations of patents for certain drugs also played a factor in the layoffs.

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