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.