The Axe Falls: Bristol-Myers Squibb Company (BMY) to Cut Nearly 500 Jobs
11/6/2012 8:17:52 AM
And the parade of layoffs continues. The latest drugmaker to shed some workers is Bristol-Myers Squibb, which plans to eliminate 479 sales reps now that Otsuka Pharmaceuticals will assume responsbility for marketing the Abilify antipsycotic in the US, a spokeswoman tells us. The job cuts were disclosed in a state notice. The revised co-marketing deal “allows BMS to simplify operations, improve its efficiency while also better positioning itself to focus on important work in cancer, cardiovascular disease, diabetes, hepatitis and immunoscience, areas of significant unmet medical need that are critical to our long-term success,” the Bristol-Myers spokeswoman writes us. The move comes amid a difficult stretch for the drugmaker. The FDA has repeatedly postponed a final decision on whether to approve its Eliquis bloodthinner, which is part of a joint effort with Pfizer (read here). A decision is now expected in March. And two months ago, Bristol-Myers (BMY) also dropped an experimental hepatitis C treatment after a patient death and hospitalizations. Earlier this year, the drugmaker agreed to pay $2.5 billion in cash for Inhibitex and the compound.