FRAMINGHAM (03/23/2004) - Incyte Corp., a genomics pioneer, is closing its Palo Alto, Calif. headquarters next month, resulting in 257 redundancies. CEO Paul Friedman said the closure "reflects the difficult realities of the genomic information marketplace and our belief that Incyte's most promising, value-creating activities are taking place in drug discovery and development." Incyte retains about 180 employees in Wilmington, Delaware, and 35 employees at its Proteome subsidiary in Beverly, Mass. The company lost US$166.5 million last year.
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