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Amgen, bowing to hedge fund pressure, to cut up to 1,100 more jobs
Amgen, bowing to hedge fund pressure, to cut up to 1,100 more jobs

Amgen Inc., the Southern California biotech giant that has struggled to match the torrid growth of its pharmaceutical peers, finds itself in the crosshairs of a New York hedge fund manager, one of the new breed of activist investors, who is loudly calling for the company to split in two. Amgen is resisting a split, though by promising to shed thousands of jobs as part of a bid to boost its share price, it has been steadily giving in to Wall Street criticism of being bloated and inefficient. On Tuesday, it blinked again. In a surprise statement at an investment conference in New York, the Thousand Oaks firm said it would eliminate up to 1,100 jobs, boosting the total announced cuts this...

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