The pharmaceutical giant says, it will be shifting its focus to areas it sees as high growth, such as cancer treatment. It is also pulling products in late-stage trials it estimates will not be so successful, and licensing other products to alternative companies. The company’s shares rose 2.35% to $48.73 in New York trading after it announced the cuts. The new losses, combined with 7,500 job cuts announced in 2011 and 2012, amount in total to 20% of its workforce, the BBC reports.
[source: businessdayonline]
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