Array says Amgen ends agreement, to cut 20 percent jobs

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Array says Amgen ends agreement, to cut 20 percent jobs

(Reuters) - Array Biopharma said it would cut 20 percent of its workforce as Amgen Inc plans to end an agreement to develop and market Array's drug to treat Type 2 diabetes. Array shares fell as much as 7 percent to $6.12 in trading after the bell. The company said it would record a one-time restructuring charge of $2.7 million in the first quarter of fiscal 2014. The company said it would have 200 employees after cutting 50 jobs. Most of the job cuts will be in the company's drug discovery business. ...

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