Amgen may sell Japan unit to cut costs (Updated)
8:15 AM Tue, Dec 11, 2007 | Permalink
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Amgen is considering selling its unit in Japan to cut costs to offset a slump in sales of its core anemia drug, Aranesp, and a plummeting stock price. Shares in Amgen (AMGN:Nasdaq) have lost $4.16 a share, or 7.5 percent during trading days on Friday and Monday after disclosure of an analysis of 30 years of patient records showed that anemia drugs may raise the risk that patients with a bone marrow disease will later develop leukemia. Aranesp is one of Amgen's best selling drugs. At 10 a.m. this morning, Amgen's shares were off another 36 cents and were trading at $50.63 a share. Also this morning, Bloomberg News reported Amgen is asking for bids of more than $403 million for Tokyo-based Amgen K.K. to cut expenses and boost earnings. Amgen declined comment. California-based Amgen runs a plant in West Greenwich where it makes a different rheumatoid arthritis drug called Enbrel. The plant employs about 1,300 workers. 
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