Friday, January 13, 2012

Novartis to slash nearly 2,000 U.S. jobs - International Business Times

The group is also expected to take a one-off charge of $900 million in the fourth quarter after stopping a study of Rasilez, also known as Tekturna, to treat high-risk patients with type-2 diabetes and renal impairment.

"We recognize that the next two years will be challenging in the Pharmaceuticals Division and we are proactively making these changes to further focus our pipeline on the best opportunities," David Epstein, the group's pharma chief said in a statement.

The group anticipates the restructuring measures, which will result in a charge of $160 million in the first quarter of 2012, will lead to annual savings of around $450 million by 2013.

The changes are expected to take place in the second quarter of this year, the group said.

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