Restructuring at Japan-headquartered Takeda Pharmaceuticals is to result in the loss of 2,800 jobs, with European-based positions likely to be the hardest hit.
The decision comes as Takeda plans to integrate Nycomed, which it acquired for €9.6bn last year, into its operations.
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Takeda chief executive Yasuchika Hasegawa said: "While our combined operations in more than 70 countries are more complementary than overlapping, there are a number of areas where we will need to make changes to ensure efficient and flexible operations moving forward."
Takeda has noted that the consolidation of sites and functions, as well as the potential merger or liquidation of subsidiaries, will cause a number of jobs to be lost, coupled with a reduction in the company’s US workforce. Of the 2,800 jobs to be cut, which will largely come from R&D, commercial and administrative positions, 2,100 will be lost in Europe.
Despite the cuts, Takeda has pledged to invest strongly in R&D as it plans to shift focus from mature, high-selling products to developing a new, diverse portfolio. The plans, expected to cost Takeda around $913m, will affect earnings for the year ending March 2012 and talks with employees have already begun.
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