Novartis continues to restructure itself to serve is strategic plan for growth going forward. This entails moving assets from one part of the business to another -- and that sometimes entails firing in one area and hiring in another. To this end, the drugmaker will be elimnating 500 jobs in the Switzerland pharma division headquarters and R&D. New adds will be made in OTC manufacturing, generics supply chain and cancer drug development. The company says the moves are not cost savings motivated but rather are necessitated by getting the right assets in the right place within the business. The company is also buying back $5 B in stock to get its price up. It has also mentioned the possibility that it will sell its vaccine and animal health divisions as part of a strategic review. See FiercePharma.
Posted by Bruce Lehr Jan 21st 2014.