Archimedes ?

[Anonymous]

Any severance?

I bet Bucky got his! Crooked POS!

 

[Anonymous]

The ship got sunk and everyone got dumped.

Just USA? What about the business in other markets?

 

[Anonymous]

You guys are very quiet. All the sales people lose jobs and you guys keep your lips zipped? I guess you're good people OR you're waiting for packages! Either way you got screwed and its too bad the markets so bad or you wouldn't be in this situation.

 

[Anonymous]

You guys are very quiet. All the sales people lose jobs and you guys keep your lips zipped? I guess you're good people OR you're waiting for packages! Either way you got screwed and its too bad the markets so bad or you wouldn't be in this situation.

This post makes no sense. Who exactly lost their jobs? Why are good people screwed? And why would packages be being dished out?

 

[Anonymous]

This post makes no sense. Who exactly lost their jobs? Why are good people screwed? And why would packages be being dished out?

You must not work for the company. >50% of the US sales force got laid off this week. Maybe some HO people too. EU managers also met with global and all countries have been told to cut the pay bill, so more people losing their jobs over the pond too, they get the news next week or two. Paring down to the bone. But so is Prostrakan, most of the Nycomed people I know now work for Quintiles, lots of resumes out there. Good luck all.

 

[Anonymous]

Just USA? What about the business in other markets?

Not as bad as the US but not far off and all way off plan

 

[Anonymous]

You must not work for the company. >50% of the US sales force got laid off this week. Maybe some HO people too. EU managers also met with global and all countries have been told to cut the pay bill, so more people losing their jobs over the pond too, they get the news next week or two. Paring down to the bone. But so is Prostrakan, most of the Nycomed people I know now work for Quintiles, lots of resumes out there. Good luck all.

Wake up, Stupid People. BUCKY IS THE PROBLEM!

 

[Anonymous]

what about perelman?

 

[Anonymous]

Heard the cull has already started in the research team at Nottingham?

How long before the sales team get the invite to a telecon? Call me cynical but am expecting it to come through 18:00 on Friday just before a 4 day weekend!

Fingers crossed

 

[Anonymous]

Looked on online and didn't find a press release of the downsizing. Did you really have one?

 

[Anonymous]

Not a public company and less than 100 employees in US so no WARN act requirement. Therefore no announcement required.

 

[Anonymous]

isn't Archimedes private? Would they be compelled to announce layoffs, or could they sit on it for a while?

 

[Anonymous]

isn't Archimedes private? Would they be compelled to announce layoffs, or could they sit on it for a while?

See above post. No, they're not compelled to notify either in the US or UK. All the FDs were asked to complete their finance reports Fri 1 st so expect more news early June. I'm betting either one slimmed salesforce for all products or the lot goes out to CSOs. Either way, everyone's looking for the exit......

 

[Anonymous]

a buddy of mine said they'd be lucky to make it past june.

 

[Anonymous]

a buddy of mine said they'd be lucky to make it past june.

There are sales in the EU. They'll probably cut back as close as possible to break even and survive on these. Problem then is what do you do with an exec team who think the original Paris is in Texas and have nothing to do in the US?

 

[Anonymous]

See above post. No, they're not compelled to notify either in the US or UK. All the FDs were asked to complete their finance reports Fri 1 st so expect more news early June. I'm betting either one slimmed salesforce for all products or the lot goes out to CSOs. Either way, everyone's looking for the exit......

Novo and Warburg will want to minimise any news about this in any case. It's not good for their image, Archimedes was Novo's first major investment.

 

[Anonymous]

Novo and Warburg will want to minimise any news about this in any case. It's not good for their image, Archimedes was Novo's first major investment.

Which is why Novo (Warbug is out of picture) won't pull the plug on this puppy too quickly, good luck to all.

 

[Anonymous]

There are sales in the EU. They'll probably cut back as close as possible to break even and survive on these. Problem then is what do you do with an exec team who think the original Paris is in Texas and have nothing to do in the US?

I was mainly referring to US ops. Not much rationale for a US base when there's nothing to sell in the US!

 

[Anonymous]

Which is why Novo (Warbug is out of picture) won't pull the plug on this puppy too quickly, good luck to all.[/

Are Warburg no longer major shareholders / on the board?

Indeed good luck to all.

 

[Anonymous]

The only business decision that makes any sense is immediate termination of the USA affiliate. - It should never have been setup in the first instance, that is why Archimedes is in such a disaster situation now.
But my guess is that 90% chance they won't do it: The Vice-Presidents won't make themselves redundant. Novo won't do it either beacuse it is a PR disaster.
So everyone will just play dumb for a bit longer - until the pain is too great to ignore and there is no other way to stop the gangrene than to cut the gangrenous limb (USA operation). - If not... it will drag the whole thing down and not even Novo will have the desire to put anymore more money in to keep it afloat...

In the end, it will be a valiable lesson for Novo: don't give money a CEO with a bigger ego than business sense who surrounds himslef with a team of yes-men and old buddies...