GlaxoSmithKline plans to eliminate an undisclosed number of employees as the drug maker expands its efforts to reduce costs.
The latest job cuts follow thousands of layoffs worldwide during the past two years and again will likely hurt GSK's Triangle workforce and the local economy. CEO Andrew Witty is slashing expenses to offset slowing sales of blockbuster drugs.
GSK announced this morning that it plans to expand previous cost-cutting efforts to save nearly $800 million more a year by 2012. The move will reduce research and development spending, which will effect its R&D hubs, including in Research Triangle Park.
"Where possible, we will continue to try to preserve jobs," Witty said in a prepared statement. "As before, we will not be providing targets for job reductions and we will announce restructuring outcomes once employees" and unions are notified.
As part of the shift, GSK will stop research into new drugs for depression and pain, he said.