www.fdanews.com/articles/80773-mullen-s-biogen-idec-cuts-jobs-to-save-drugs
MULLEN'S BIOGEN IDEC CUTS JOBS TO SAVE DRUGS
September 9, 2005
To reduce annual operating expenses by $200 million to $300 million and boost the development of experimental drugs, Biogen Idec is cutting its workforce by 17% by the end of the year; that means some 650 workers will be chopped worldwide. The adjustments will occur across company functions, departments and sites, and are expected to be substantially implemented by year-end. The biotechnology firm expects to take a pre-tax charge of between $30 million to $40 million related to severance and associated staff restructuring costs.