Tags: alexion | drugmaker | jobs | staff | workers

Drugmaker Alexion to Cut 20 Percent of Jobs

Image: Drugmaker Alexion to Cut 20 Percent of Jobs
(Dollar Photo Club)

Tuesday, 12 September 2017 10:12 AM

U.S. drugmaker Alexion Pharmaceuticals Inc. said on Tuesday it would lay off about 20 percent of its global workforce in an effort to cut spending.

The company had about 3,100 full-time employees worldwide as of the end of last year.

As part of the restructuring, Alexion will close some of its manufacturing sites, including its Rhode Island facility, the company said on a call with analysts.

The drugmaker also said it would relocate its headquarters to Boston from New Haven, Connecticut by mid-2018.

Alexion has been roiled in recent months by a sales practices scandal related to its pricey rare disease treatment Soliris as well as senior management resignations.

The company’s chief executive officer and chief financial officer resigned in December, a month after Alexion announced it was investigating allegations related to its sales practices.

Alexion named long-time Biogen Inc. finance chief Paul Clancy as CFO in June, as newly appointed Alexion CEO Ludwig Hantson stepped up efforts to regain investor confidence.

Alexion said it expects to cut costs by $270 million each year by 2019, on a pre-tax, adjusted basis.

It expects pre-tax expenses of $340 million to $440 million related to the restructuring.

Alexion shares were up 1.8 percent at $145.50 in premarket trading on Tuesday.

© 2018 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
U.S. drugmaker Alexion Pharmaceuticals Inc said on Tuesday it would lay off about 20 percent of its global workforce in an effort to cut spending.
alexion, drugmaker, jobs, staff, workers
208
2017-12-12
Tuesday, 12 September 2017 10:12 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved