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AstraZeneca To Cut Workforce By 10%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AstraZeneca plans to expand its restructuring program and will eliminate 10% of its 2006 workforce, or approximately 7,600 jobs, as part of an effort to reduce costs and save $900 million by 2010. According to chief executive officer, David Brennan, the job losses will affect its European sales and marketing team as well as employees working in R&D and other areas in Britain, Sweden, Germany, France, the U.S. and Canada. The cost of the restructuring will be $1.6 billion.

The company has been investing through acquisitions to rebuild its pipeline as well as restructuring manufacturing to save costs. In February, the company announced the acquisition of Arrow Therapeutics, adding to its portfolio of anti-infective treatments. At the time the company planned to cut 3,000 jobs. In April, the company announced the acquisition of MedImmune for $15.6 billion, adding biological medicines and vaccines.

Also, chief financial officer Jon Symonds, plans to leave the company at the end of the month to join Goldman Sachs. According to Mr. Brennan, a search for his replacement is underway and the company’s financial controller, Paul Kenyon, will act as interim finance head.

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