Alkermes Inc.

Alkermes, Inc. (NASDAQ: ALKS) announced that it is restructuring its operations following the termination by Eli Lilly and Company (Lilly) of the AIR®Insulin program, as announced recently. With this restructuring, Alkermes is reducing its workforce by approximately 150 employees and closing its AIR commercial manufacturing facility in Chelsea, MA. The company is taking these actions based on its current expectations of the financial impact of Lilly's termination of the AIR Insulin program. The reduction in workforce represents approximately 18% of the company's total workforce. Employees affected by the restructuring will be eligible for a severance package that includes severance pay, continuation of benefits and outplacement services.