AstraZeneca has announced that it is cutting about 1,600 jobs over three years, the Wall Street Journal reports. The Nature News blog adds that about 1,300 of those jobs are in research and development. The company will also be moving its headquarters from London to Cambridge in the UK.
As the Nature News blog reports, this restructuring will result in the loss of about 10 percent of AstraZeneca's R&D workforce and the remaining staff will mainly be located at the Cambridge site as well as in Gaithersburg, Md., and Mölndal, Sweden.
CEO Pascal Soriot, who joined from Roche in October, says that the restructuring is "a signal that we need to invest more in biologics research and development," as WSJ reports.