Wednesday, November 3, 2010

Just One Result of the Vote in Massachusetts Yesterday....

Biogen to cut 650 jobs; close offices in Waltham, Wellesley


Biogen Idec will slash about 650 jobs as part of cost cutting moves announced in a regulatory filing today.
The biotech company, which moved over the summer to a gleaming new headquarters in Weston, said it will reduce its work force of about 5,000 by 13 percent. Biogen also will close its facilities in Waltham, Wellesley and San Diego.
Biogen expects to see $300 million in annual savings from the layoffs and office consolidations, according to its filing with the U.S. Securities and Exchange Commission. Restructuring charges will total about $115 million.


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