Elan is axing 230 jobs in the U.S. and Ireland ahead of a possible sale. Gotta make the company attractive for buyers, right?

This morning, the company said the 230 jobs (14% of its work force) would be from research, clinical development and biopharmaceutical development in the U.S. (115 positions) and the biological manufacturing plant in Ireland (115 positions).

They also said they would invest again in biologics manufacturing and restart its related fill finish activities after bapineuzumab data is evaluated.

Here’s what CEO Kelly Martin said about handing his employees their walking papers:

“This will further strengthen our core business areas that bring the greatest potential value to patients and shareholders and enable us to invest in our most valuable programs within the biopharmaceuticals and Elan Drug Technologies businesses.”

Ouch. Not one for subtlety or humility huh?

Elan is cutting costs everywhere as it tries to increase the attractiveness of its financial position ahead of a possible sale or merger. Citigroup was retained in January to oversee the process.

Our hearts go out to all the employees…

Stay tuned…

Image from steeltoedclownboot

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