Biogen to cut work force by 13 percent
Biogen Idec Inc., the second largest biotechnology company in Massachusetts with approved blockbuster drugs to treat Multiple Sclerosis, has announced it will cut its work force by 13 percent, closing a site in San Diego and consolidating sites in Eastern Massachusetts into the large sites in Weston and Cambridge. The company said it would save $300 million per year through the restructuring. The company expects to take a one-time restructuring charge of $115 million.
Biogen (Nasdaq: BIIB) plans to narrow its research focus to neurology, and abandon its programs in cardiovascular medicine. It will seek to divest its oncology assets.