What about the people who are left employed??

[Anonymous]

You can collect unemployment after 1/19/11. I will be in the unemployment office on 1/20/11. As of 1/19/11 you are no longer an employee of the company. A lump sum severance has nothing to do with it.
As far as the people that were left, I feel sorry for them. I was going crazy being in limbo since August, I would slit my wrists if I had to remain in limbo another 11 months. I am so glad I got the severance. I would suggest they start looking now.

I agree with your sentiments with one exception. Some states look at your annual salary, and factor in your lump sum. So if your lump sum is for one year, they dont let you apply for one year. I live in Florida, and called my unemployment office, I am good to go on the 20th. But there will be some who will have to wait. My suggestion is that before you spend the money, please call your unemployment office and ask.

 

[Anonymous]

Now, every day I go into work, I see a pathetic herd of political backstabbers around me. As usual, the layoffs resulted in survival of the fittest, not the best.

This place is going DOWN. Come bonus time I am looking for a new job; and you may be surprised, there are a TON of good opportunities in tech right now!

 

[Anonymous]

Now, every day I go into work, I see a pathetic herd of political backstabbers around me. As usual, the layoffs resulted in survival of the fittest, not the best.

This place is going DOWN. Come bonus time I am looking for a new job; and you may be surprised, there are a TON of good opportunities in tech right now!

You are right. The reason for layoffs was to cover the interest on the loan to acquire Genentech. Sure geography was used as a reason, but many of those kept were simply cheaper. There are exceptions of course, but it shouldn't be a surprise to anyone. Compare the interest amount in this article to the amount of cost savings as a result of operation excellence.
Roche will pay off Genentech debt by 2012/13-paper

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Roche Holding AG
ROG.VX
CHF137.30
-1.10-0.79%
9:31am CST
GENEVA, March 15 | Sun Mar 15, 2009 8:52am EDT
(Reuters) - Roche Holding AG (ROG.VX) expects to pay off the debt it took on to fund its purchase of the remainder of U.S. biotechnology group Genentech Inc DNA.N by 2012/13, Roche's CEO was quoted as saying on Sunday.

Franz Humer, chief executive of the Swiss pharmaceuticals group, told Swiss weekly SonntagsZeitung the initial interest bill would be $1.5 billion before tax.

"By 2012/13 we will be free of debt again as before, if nothing serious arises in the meantime," he told the paper in an interview.

Humer said both Genentech and Roche had high net liquidity and both enjoyed strong cashflow which would be strengthened by the merger, making it possible to pay down the debt.

Roche raised $39 billion on the bond market to fund the $46.8 billion purchase of the 44 percent of Genentech it did not already own, in one of three big drug deals this year to create the 7th biggest U.S. pharmaceuticals group by market share. [ID:nLC266887]

On Friday Fitch Ratings cuts its credit rating on Roche by one notch to AA- and its outlook to negative from stable, citing the company's increased debt after the deal. [ID:nLD253335]

Humer said the main challenge in the deal is to retain Genentech's top researchers. (Reporting by Jonathan Lynn; Editing by David Holmes)

 

[Anonymous]

You are right. The reason for layoffs was to cover the interest on the loan to acquire Genentech. Sure geography was used as a reason, but many of those kept were simply cheaper. There are exceptions of course, but it shouldn't be a surprise to anyone. Compare the interest amount in this article to the amount of cost savings as a result of operation excellence.
Roche will pay off Genentech debt by 2012/13-paper

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Share on LinkedIn
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Stocks »
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*
Roche Holding AG
ROG.VX
CHF137.30
-1.10-0.79%
9:31am CST
GENEVA, March 15 | Sun Mar 15, 2009 8:52am EDT
(Reuters) - Roche Holding AG (ROG.VX) expects to pay off the debt it took on to fund its purchase of the remainder of U.S. biotechnology group Genentech Inc DNA.N by 2012/13, Roche's CEO was quoted as saying on Sunday.

Franz Humer, chief executive of the Swiss pharmaceuticals group, told Swiss weekly SonntagsZeitung the initial interest bill would be $1.5 billion before tax.

"By 2012/13 we will be free of debt again as before, if nothing serious arises in the meantime," he told the paper in an interview.

Humer said both Genentech and Roche had high net liquidity and both enjoyed strong cashflow which would be strengthened by the merger, making it possible to pay down the debt.

Roche raised $39 billion on the bond market to fund the $46.8 billion purchase of the 44 percent of Genentech it did not already own, in one of three big drug deals this year to create the 7th biggest U.S. pharmaceuticals group by market share. [ID:nLC266887]

On Friday Fitch Ratings cuts its credit rating on Roche by one notch to AA- and its outlook to negative from stable, citing the company's increased debt after the deal. [ID:nLD253335]

Humer said the main challenge in the deal is to retain Genentech's top researchers. (Reporting by Jonathan Lynn; Editing by David Holmes)

Will you stop it please! The reason for the layoffs is well known, and have been repeated over and over again- Avastin Trial Failures, Taspoglutide delay/cancellation, and impact of healthcare reform in the us, and govt price controls in other countries. The interest on the debt is an expense yes, but would have been fairly trivial had Vastin failures not cost us 1 billion + in annual sales, and Taspo hit the market with estimated sales of 2 billion +. No conspiraci theories please. Some things are just what they seem.

 

[Anonymous]

Those that got out with the enhanced severance don't realize they are better off than those that remain waiting to be severed a year from now. . .gonna try to keep one's sanity with 3x the geography to cover with more pressure on the bottom line. Hope to make some nice bonuses & have some fun till the end but wish I could've gotten out now with a package.

In my new territory, I drove 800 miles in 3 days. I couldn't get out of bed this weekend because my back was in flames. I'm in a totally unworkable situation. I wanted the package before and boy, do I want it even more now.

 

[Anonymous]

The package is great, Im getting paid to look for work.
I dont understand why the didnt offer voluntary redundancy packages.

 

[Anonymous]

The package is great, Im getting paid to look for work.
I dont understand why the didnt offer voluntary redundancy packages.

I hope you are looking outside of the industry! You are not likely to land another pharma job. Be prepared for a 70% oay cut, as you start from the bottom. I heard enterprise rent a car is hiring management associates. AFLAC is also doing a lot of hiring.

 

[Anonymous]

Anyone out there know what happen to Michelle Crocco in Human Resources?

 

[Anonymous]

I hope you are looking outside of the industry! You are not likely to land another pharma job. Be prepared for a 70% oay cut, as you start from the bottom. I heard enterprise rent a car is hiring management associates. AFLAC is also doing a lot of hiring.

Jokes on you pal.
Just landed role with 10% pay increase and better bonus structure. GNE experience helped. Not only am I out of there. .I got a nice little bonus that will go towards kids schooling.
Hope you recovered from NSM, a hole!

 

[anonymous]

I know this does not sound the best to people who were laid off, but what about the people that are left....our outlook is doing this again in November (best case scenario) unless our LOE is extended for the 1.5 products we were left with. The new territories were designed to keep us busy trying to build new relationships and rapport and to get samples out into the field. In 11 months when our territories are finally getting to the point where we are making some progress, the cuts come again and all of the remaining PC reps will be gone.
My question is what can we do if we were not laid of and can not meet our new job expectations?? I can't have 2-3 overnights a week...so I get fired or quit with no option of severance?? How is that fair?

Don't worry we have more work than people.

Nov.

 

[anonymous]

To the fuckface making the Asian reference, fuck you.

 

[anonymous]

To the fuckface making the Asian reference, fuck you.

????