Novartis will close research operations in Switzerland and China, resulting in 175 job cuts, reports Reuters. The move represents an effort to lower costs and centralize control over the Basel, Switzerland-based company's drug development programs.
Here are four things to know.
- Novartis will consolidate its research oversight to the company's Swiss headquarters and the Novartis Institutes for Biomedical Research in Cambridge, Mass.
- Novartis will relocate its tropical disease research unit from Singapore to San Francisco, where NIBR's infectious disease research team is located. The transition will slash 84 jobs in Singapore.
- The company will close its Swiss ESBAtech facility to cut 73 positions, as well as its Shanghai biologics group to shed another 18 jobs.
- Although Novartis will cut jobs, the company, which employs 120,000 workers globally, said it will also create up to 25 new positions at its headquarters through its new research strategy.
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