Cuts at AstraZeneca

AstraZeneca announced that it will be eliminating 7,300 jobs, reports The Wall Street Journal. The Journal adds that these cuts, which are to be made by the end of 2014, will bring the company's total jobs cuts during the past five years to about 30,000. This round includes 2,200 cuts to R&D, 1,350 to manufacturing and operations, and 3,750 to administration and sales, and the closure of two neuroscience labs, one in Sweden and the other in Montreal. "AstraZeneca is ripping up some of its research roots in Europe and North America and forging more virtual research alliances with academic institutions and small biotech companies," the Journal notes.