BioCentury
ARTICLE | Company News

Abbott pharmaceuticals news

January 31, 2011 8:00 AM UTC

Abbott will reduce headcount by 1,900 (2%) to about 88,100 to reduce costs. Abbott said the cuts, which will come primarily from U.S. commercial and manufacturing operations, are in response to healthcare reform in the U.S. and the "challenging regulatory environment." Last December, Abbott and partner AstraZeneca plc (LSE:AZN; NYSE:AZN, London, U.K.) discontinued development of dyslipidemia candidate Certriad after reviewing a March complete response letter and determining that further development was no longer commercially attractive. The company also said that about half the positions will be impacted immediately and half over the next several years. Abbott also announced plans to close a facility near its Illinois headquarters in 2015. The company expects the restructuring will save $200 million (see BioCentury, Jan. 3). ...