No stranger to restructuring, Thousand Oaks (California) pharmaceutical powerhouse Amgen is restructuring to meet the demands of competition and activist investors. Hundreds of employees are involved, some will be laid-off, transferred or have the primary responsibilities realigned with the latest corporate goals.
Some employees will be offered the opportunity to relocate to other Amgen facilities. The most prominent of one which is located in Tampa, Florida where the company benefits from a deep labor pool, reduced costs of living, and the fact that there are no personal state income taxes in Florida – unlike the increasingly heavy taxes in California.
Amgen is especially vulnerable to competition from “bio-similar” pharmaceuticals as well as restructuring pressures from hedge-funds, investor activists, and institutional investors.