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Drug makers AbbVie and Bristol Myers to cut 360 jobs in California
https://www.whatjobs.com/news/usa/us-business-news/drug-makers-abbvie-and-bristol-myers-to-cut-360-jobs-in-california
By Nithya Bose in US business news, posted September 19, 2022
Biopharmaceutical companies AbbVie and Bristol Myers Squibb are cutting their workforces in Californian by 99 and 261 people respectively.
The companies have filed two separate Worker Adjustment and Retraining Notification (WARN), which reveal the layoffs starting in November.
AbbVie is slashing workers from an Irvine facility, which is an Allergan manufacturing site.
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The Illinois-based firm bought Allergan for $63 billion back in 2019.
AbbVie did not immediately respond to requests for comment on the layoffs.
BMS is cutting its employees at two different San Diego County facilities.
A company spokesperson said the job losses come after its $4.1 billion purchase of drug developer Turning Point Therapeutics, which shut down in August.
The company informed its employees that 261 people will lose their jobs as part of the buyout.
BMS’ spokesperson said: “We are very pleased to have completed the acquisition of Turning Point Therapeutics to further strengthen our leading oncology franchise.
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“As part of the integration, all incoming employees received retention packages tied to continued service to BMS for a period of time and have been encouraged to apply to long-term roles at BMS after their retention period ends.”
Alongside the biotech industry, which has suffered a spate of layoffs and restructurings this year, employees at Big Pharmas have been caught in the recent job-cut crossfire, too.
During the past few months, several pharmaceutical and biotech firms including Biogen, Teva, and Novartis have confirmed substantial downsizing of their headcount.
Novartis announced plans to eliminate 8,000 positions globally in June in an effort to save $1 billion.
The Swiss pharmaceutical company said last month that close to half of the 1,400 jobs it intended to eliminate in its homeland would be in leadership positions.
Source: Fierce Pharma
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