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AstraZeneca to cut 1,600 in U.S., U.K.

AZN $46.18 -$0.28

at close on MONDAY

By The Associated Press
Tuesday, March 19, 2013, 12:01 a.m.
 

Struggling Anglo-Swedish drugmaker AstraZeneca PLC said Monday that it will eliminate 1,600 jobs, mostly in the United States and United Kingdom, as its new CEO starts a major research and development reorganization.

The cuts come just weeks after the company reported big drops in revenue and net income for 2012 and forecast continuing difficulties as generic competition hurts sales.

The job reductions amount to nearly 3 percent of AstraZeneca's 57,200 workers.

worldwide and are part of moves affecting several major AstraZeneca sites in the UK, US and Sweden.

Even the global headquarters will be shifted, from London to Cambridge, England, as the company moves many of its scientists near top centers for bioscience research. Rivals have been doing the same, to be near those talent pools and to increase collaborations with scientists at universities and small biotech companies.

 

 
 


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