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Business

Biogen Idec To Cut Jobs In Restructuring

by Michael McCoy
November 8, 2010 | A version of this story appeared in Volume 88, Issue 45

Biogen Idec has embarked on a restructuring that will eliminate about 650 full-time positions, or 13% of its workforce. The restructuring, the first big move by new CEO George Scangos, will see the firm close a facility in San Diego and two in eastern Massachusetts. The company will focus on neurology, terminating its efforts in cardiovascular medicine and spinning off its oncology assets. Moreover, it will focus on biologics R&D and “substantially reduce” its small-molecule discovery program and process development effort.

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