AstraZeneca to Cut 1,600 Jobs, Have $1.4 Billion Costs
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AstraZeneca Plc will cut about 1,600 jobs as it overhauls research and development, leading to $1.4 billion in costs as new Chief Executive Officer Pascal Soriot tries to revive the U.K.’s second-biggest drugmaker.
AstraZeneca will focus research in Cambridge, England; Gaithersburg, Maryland; and Moelndal, Sweden, the company said in a statement today. Astra also will move its corporate headquarters from London to Cambridge, where it plans to spend $500 million on a new facility.