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March 21, 2013

AstraZeneca axes 2,300 more jobs globally

British Biopharmaceutical giant AstraZeneca announced yesterday that it will cut 2,300 jobs globally, in addition to the 1,600 jobs losses it announced on Monday.

By Heidi Vella

AstraZeneca

British Biopharmaceutical giant AstraZeneca announced yesterday that it will cut 2,300 jobs globally, in addition to the 1,600 jobs losses it announced on Monday.

The company said it was cutting the jobs as part of its new business strategy to drive growth in the company, which involves restructuring its sales and administration divisions.

These jobs losses will result in $2.3bn (£1.5bn) of restructuring charges for the company, but it anticipates they will also save about $800m a year by 2016.

AstraZeneca chief executive officer Pascal Soriot said in a press statement; "I’m confident that we have set out on the right path to return to growth and achieve scientific leadership, and I’m equally confident that our people possess the talent, determination and focus to deliver for patients as well as our shareholders."

As part of its new plan, AstraZeneca will focus on three core areas: respiratory, cardiovascular and cancer and will aim to double the number of drugs in late-stage development by 2016.

The company is currently struggling with a lack of drug developments in the pipeline, as well as patents due to expire.

On Monday the company announced 1,600 job losses – mostly in the UK and US – as part of a major overhaul of its research and development strategy.

700 of these jobs are from its Alderley Park, Cheshire facility in the UK.

The company also announced that it will invest £330m ($500m) to establish a purpose-built research and development site in Cambridge, as well as reshuffle some jobs from its other UK sites to Cambridge and abroad.

It is also closing its Paddington, London office.

At the time, Pascal said; "I believe that the investment we are announcing today greatly increases the chances that the next generation of innovative medicines will be invented and manufactured in Britain."

AstraZeneca currently employs about 57,000 staff worldwide.


Image: Earlier in the week the company announced 700 job losses from its Alderley Park, Cheshire facility in the UK, pictured. Photo: Courtesy of AstraZeneca.

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