3. Bayer - Top 5 layoffs of 2007

Last year Bayer defeated Merck KGaA in a bidding war for Schering, forking over $20 billion for the drugmaker. The acquisition left Bayer with some overlap, and the company axed 6,100 jobs in March as it integrated Schering into the fold. Half of those jobs were in Europe with about 1,000 pink slips going out in the U.S. Bayer cut 2,850 administrative posts, 1,400 R&D positions and 1,850 production jobs. By the end of next year, Bayer said it will reduce R&D costs by $210 million a year.

- check out Bayer's release

Bayer Timeline:
Bayer outbids Merck KGaA for Schering. Report
Bayer Schering outlines global R&D restructuring. Report
Bayer plans to beef up biotech pipeline. Report
Bayer acquires plant as Novartis plots MS strategy. Report