More Cuts at Bruker Will Save Company $3M A Year; CEO Takes 20 Percent Pay Cut in ‘05
Bruker BioSciences announced another round of cost-cutting and restructuring this week that will save the company $3 million a year, and another $1 million next year.
Bruker will move all its German administrative and life-science business activities to its site in Bremen, and its German nuclear, biological, and chemical detection business to its Leipzig site. Moreover, the UK operations of subsidiaries Bruker AXS and Bruker Daltonics will be combined into one, based in Coventry.
In addition, Bruker will cut costs throughout the company, particularly at its non-profitable US subsidiaries in Billerica, Mass., and Madison, Wis.
Bruker’s CEO Frank Laukien will take a 20 percent pay cut next year. Combined with pay cuts for other managers and other temporary measures, this will save the company another $1 million in 2005.
Bruker has also incorporated sales subsidiaries in several countries “where the business volume has reached critical mass,” according to a company statement.
A Bruker spokesperson did not know whether the cost-saving measures, which will be fully implemented in the second half of 2005, will result in job cuts.
This is Bruker’s second round of restructuring this year. In September, the company laid off 60 staffers and reorganized its business to save $6 million per year.
Proteome Systems to Acquire Eukarion in Cash-and-Shares Deal
Proteome Systems of Sydney, Australia, will acquire privately held Eukarion of Bedford, Mass. in a cash-and-shares transaction expected to close in February, the companies said last week.
The majority of the purchase is payable in 1.7 million Proteome Systems shares based on meeting milestones in clinical development, licensing revenues, and drug product sales, the company said in a statement.
Proteome Systems will acquire a suite of pre-clinical antioxidant drug candidates, and staff, which will move to Proteome Systems Boston facility, the company said.
Thermo Electron Secures $250M in Revolving Credit Through 2009
Thermo Electron has signed a five-year agreement for up to $250 million in a revolving line of credit with Barclays Bank, Thermo disclosed this week in an SEC filing.
The agreement replaces existing one-year and three-year credit agreements, which were set to expire on Dec. 17, 2004 and Dec. 20, 2005, respectively.
The aggregate amount of the credit may be increased at Thermo’s request by up to $100 million, the filing states.
The company said in the filing that it has not borrowed any amount under the current or prior credit agreements.
Jubilant Biosys Licenses Kinase and GPCR Databases to Organon
India-based bioinformatics company Jubilant Biosys has licensed its kinase and G-protein-coupled receptor ChemBioBase databases to drugmaker NV Organon, the companies said last week.
A Jubilant spokesperson declined to disclose financial terms of the deal.
Affitech Licenses Phage Display Tech to Dyax
Oslo-based Affitech announced recently that it has licensed its phage display technology to Dyax, of Cambridge, Mass.
Dyax is the first licensee of Affitech’s core patent portfolio, which covers phagemid display of antibodies and antibody fragments, Affitech said. Specifically, the worldwide patent covers the use of full-length pIII phage protein as a scaffold in a phagemid vector.