Wednesday, December 05, 2012

Fröhliche Weihnachten!

AZ blames German pricing for up to 625 job cuts

AstraZeneca ($AZN) is joining the line-up of drugmakers cutting jobs in Germany. Like the others, AstraZeneca cites the usual economic reasons, but adds a political twist. Also to blame for up to 625 job cuts? "[M]assive state intervention in the pricing of innovative medicines," the company says.

The U.K.-based drugmaker says it's planning to shrink its payroll by 400 to 625 positions. But it wants to avoid outright layoffs, so, at a staff meeting today, it's offering voluntary severance and early retirements. The buyout offers follow a previous program announced in September, which 250 workers accepted, the statement says.

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