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And the Hits Just Keep on Coming

Dec 13, 2007

In two articles from the Wall Street Journal today, more bad news for pharma and biotech. Novartis announced that it plans to lay off some 2,500 people globally -- that represents about 2.5 percent of the company's work force, according to the article. In another story, the Journal reports that Biogen has given up its search for a buyer after several weeks of searching "turned up no serious offers." The company's stock plummeted 27 percent on the news.

 

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