AstraZeneca to axe 1,600 jobs in major R&D overhaul

LONDON (Reuters) - AstraZeneca is to cut around 1,600 jobs as it overhauls it research operations and consolidates drug development work in three major centres.

The move will see the end of drug research at the company's Alderley Park facility in northern England, for many years a hub of the group's R&D efforts, the drugmaker said on Monday.

New CEO Pascal Soriot, who will present his detailed strategy plans for the group to investors on March 21, said the programme would lead to $1.4 billion in one-time restructuring charges. Annualised benefits of the overhaul are expected to reach approximately $190 million by 2016.

 

(Reporting by Ben Hirschler; editing by Clara Ferriera-Marques)