ABGENIX PARES ITS RANKS

Abgenix is cutting 15 percent of its staff as part of a consolidation plan to focus its resources on its development pipeline, the company said. In a move to devote more resources to one experimental cancer drug, panitumumab, Abgenix will cut about 58 jobs and consolidate its research and preclinical activities into the company's facility in Burnaby, British Columbia. The Fremont, Calif., company plans to sublease the research space near its headquarters but will retain its trial and manufacturing facilities.

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