Pfizer plans massive cuts in sweeping R&D reorg

In a sweeping reorganization of its R&D operations following its merger with Wyeth, Pfizer is closing six of its 20 research facilities while laying out plans to restructure and consolidate others as it slashes 15 percent of its R&D staff.

In an exclusive report, Pfizer tells the AP that it intends to heighten efficiency and boost productivity as it cuts costs. The global giant will concentrate its R&D operations around five key hubs while closing facilities in Princeton, NJ; two sites in New York and North Carolina and one in the United Kingdom. It intends to shutter a third of the 16 million square feet of space that it has in R&D.

"We essentially will have a portfolio up and running on the diseases that we care about this year," said Martin Mackay, president of research and development.

- see Pfizer's release
- read the Washington Post article