Eli Lilly to trim 8% of workforce: 4 things to know

Eli Lilly and Co. will lay off about 8 percent of its employees to cut costs in 2018, reports Reuters.

Here are four tings to know.

1. The drugmaker will eliminate about 3,500 positions globally, which will generate roughly $500 million in annual savings.

2. Most of the job cuts will come from a voluntary early-retirement program Eli Lilly is offering U.S. employees.

3. The drugmaker will also close a drug plant in Iowa, along with its research and development offices in New Jersey and China.

4. The layoffs follow a challenging year for Eli Lilly, which has encountered several major development setbacks for its experimental rheumatoid arthritis drug baricitinib and its Alzheimer's treatment solanezumab.

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