BIIB layoffs: Biogen intends to lay off 13% , approximately 650 people
November 3 evening news, biotech company Biogen Idec Inc (BIIB) announced plans to lay off 650 people, representing 13% of its workforce to cut costs.
The company said, after layoffs, its number of employees would drop to 4275 people. Biogen said it would stop development of anticancer drugs and cardiovascular drugs, to focus on neurology, and put more efforts on the development and production of biological agents.
Biogen is headquartered in Weston Massachusetts , whose products include the multiple sclerosis drug Tysabri and Avonex, as well as anti-cancer drug Rituxan.
The company expects the restructuring will result in the expenditure of about 115 million, but will make annual savings of about 300 million dollars in costs.
CEO George Scangos said: “I deeply regrets for the layoffs in Biogen Idec, but this is our inevitable consequences in new strategic focus”.
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