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Vertex Cuts 370 Jobs as Hepatitis C Drug Revenue Sinks

Vertex Pharmaceuticals Inc. will cut 370 jobs after revenue from the hepatitis C drug Incivek declined and its third-quarter loss widened.

The firings represent a 15 percent reduction of the company’s total workforce, Vertex said in a statement today. The Cambridge, Massachusetts-based company said it expects its 2014 operating expenses will be $150 million to $200 million less than this year’s, and it will take $35 million to $45 million in 2013 restructuring charges.