Lundbeck Unveils Massive Layoffs

Unable to offset generics competition on key products, Danish specialty pharmaceuticals firm Lundbeck is cutting about 1,000 jobs. The company believes the restructuring, when completed in 2017, will save it roughly $444 million annually. Lundbeck’s European sales dropped 35% in the first half of this year after the loss of patent protection on several drugs, including the antidepressant Cipralex. Lundbeck hopes to squeeze savings out of its operations by restructuring its headquarters. The firm will also be cutting costs in R&D and closing down some early-stage projects.