Fresh from announcing a deal to acquire Arrow Therapeutics for $150 million in cash, the U.K.'s AstraZeneca said it would lay off 3,000 workers in a restructuring as it turns its attention to building up its pipeline. The move comes as AstraZeneca also reported its third straight year of revenue growth. AstraZeneca says that it will start discussions with its trade union leaders as it determines which jobs to axe.
Arrow Therapeutics specializes in anti-viral therapies and has a therapy for RSV, or Respiratory Syncytial Virus, in mid-stage trials. Yesterday AstraZeneca announced two big licensing deals with Palatin Technologies and Argenta with an eye to beefing up its development work.
John Patterson, Executive Director, Development, AstraZeneca, said: "Arrow Therapeutics is an excellent opportunity to acquire a world-class anti-viral capability to add to our own anti-bacterial research capabilities and promising early stage compounds. AstraZeneca is determined to focus on areas of highest unmet needs and we have identified anti-bacterials and anti-virals as a key opportunity."
- read this excerpt from AstraZeneca's financial results for more on the job cuts
- see the release on the Arrow Therapeutics buyout
- read the AP report on AstraZeneca's latest moves