Biogen Idec, a biotechnology company in Weston, Massachusetts, says it will focus its R&D and manufacturing efforts in the field of neurology, cutting its expenses and workforce in the process. The restructuring announced today (3 November) will mean closing its San Diego, California site, and consolidating its Massachusetts operations.
The company says it will concentrate its research work on biologic drug development in the field of neurology, ending its activities in cardiovascular medicine. Biogen Idec will also seek to spin-off or license its oncology assets. In addition, the company expects to do more collaborative work with other enterprises. To improve its business operations, Biogen Idec plans to combine its business development, venture development, and corporate strategy divisions into a new corporate development group.
These new directions will mean closing the company’s facility in San Diego, California and combining its Massachusetts operations to sites in Cambridge and Weston. The company will continue its Research Triangle Park, North Carolina facility. The consolidation will result in a 13 percent reduction in staffing, cutting some 650 workers. The cuts are expected to save the company $300 million a year.
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