Vertex cutting 370 jobs, including 175 in Mass.

Quote






Vertex Focuses Investment on Future Opportunities in Cystic Fibrosis and Other Key Research and Development Programs and Reduces Workforce Related to INCIVEK

Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced the company will focus its investment on future opportunities in cystic fibrosis and other high-potential research and development programs and is reducing its workforce related to the support of INCIVEK following the continued and rapid decline in the number of people being treated with INCIVEK as other new medicines for hepatitis C near approval. The company is eliminating 370 positions, primarily related to the support of INCIVEK, representing approximately a 15 percent reduction in the company’s global workforce. Approximately 175 positions are being eliminated in Massachusetts. The company anticipates a $150 million to $200 million reduction in 2014 operating expenses compared to 2013.

“We have a tremendous opportunity to further transform the treatment of cystic fibrosis and advance our other promising research and development programs,” commented Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex.

“As new medicines for hepatitis C near approval, fewer people are starting treatment with INCIVEK, and as a result, we are reducing our workforce supporting this medicine. Today is a difficult day for everyone at Vertex, but these changes are necessary as we work to develop new breakthrough medicines in the coming years,” concluded Dr. Leiden.

Following the changes, Vertex expects to have approximately 1,800 employees worldwide, including approximately 1,300 in Massachusetts. All employees affected by the restructuring are being offered outplacement services as well as a comprehensive severance package based on their length of employment with Vertex.

The company provided additional financial information, including updated financial guidance for 2013 and a financial outlook for 2014, as part of its third quarter financial results announced today in a separate press release.
 






I really hate to hear this for you guys. I'm with Gilead but I never like to see another person lose a job whether it's competition or not. Lets face it...we are all one or two failed clinical trials away from losing our jobs. Good luck to all of you.
 






Anonymous said:
I really hate to hear this for you guys. I'm with Gilead but I never like to see another person lose a job whether it's competition or not. Lets face it...we are all one or two failed clinical trials away from losing our jobs. Good luck to all of you.
Click to expand...


Yup. You will be out if a job in 2-3 years too. It's the nature if the industry now.
 










































Anonymous said:
But what happens when you guys lose your Patent infringement lawsuit? isn't that why The Buapost Group: S eth A. Klarman
The Baupost Group, L.L.C.
10 St. James Avenue, Suite 1700
Boston, Massachusetts 02116

Has been quietly raising its stake in Idenix and on 1 Nov 2013 raised its stake from 20% to 27% of the company

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

27.55%*
Click to expand...

You do understand that these same guys were HUGE investors in Pharmasett too right?

You do understand that it is Pharmasett that has increased the value of your company by 76.13 Billion since Nov 11, 2011 ; when they announced the purchase of pharmasett for 11 billion
 






























Top Bottom
Back
Quote