- Merck to Eliminate Nearly 500 Jobs in Early 2020 Due to Shifting R&D Focus
- Pharma giant Merck to slash 500 jobs based in Philly suburbs; J&J to lay off 300
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- Merck to cut hundreds of jobs, including some N.J. positions
- Merck to cut hundreds of jobs, including some N.J. positions
Merck to Eliminate Nearly 500 Jobs in Early 2020 Due to Shifting R&D FocusIn recent years, investors frequently have run into issues being invested in major pharmaceutical companies. On top of drug pricing concerns brought up in endless political debates, many of the great drugs that helped build the Big Pharma giants either have already gone off-patent or are facing patent expiration sooner rather than later. Some companies are greatly rewarded for their restructuring efforts. Other times they can be challenging or difficult to understand. Now Merck finds itself in a position of being an acquirer of sorts at the same time it wants to spin out part of its operations. One issue at play is that financial engineering of sorts will be used in a reorganization that will make the company look like it is growing faster. The remaining Merck will be focused on oncology and vaccines, as well as its animal-health and hospital medicines, with other drugs in the pipeline. One issue that may continue to act as a drag is that Merck is targeting a spin-off completion for the first half of Merck has made acquisitions of its own, but the company also has partnerships and is involved in licensing. CEO Ken Frazier said on the earnings conference call that Merck will continue to look for deals and that its business development remains a key priority. Merck also noted that the spin-off would not threaten its dividend for existing shareholders. Those funds to the parent will be available for business development or share buybacks. Executing a spin-off or divestiture is not always as easy as it might seem. While it creates an apples-to-oranges comparison for past versus future revenues, there is also the logistical aspect that has to be considered. Employees who have worked in the same place for years might have to move their work location and potentially where they live. There may be a change in how companies manage themselves, including co-worker and supervisory changes. These are just some of the risks that companies have when undergoing a change of this sort. Skip to content. Healthcare Business. Jon C. February 5, pm.
Pharma giant Merck to slash 500 jobs based in Philly suburbs; J&J to lay off 300
Skip to main content. Published: Oct 18, By Alex Keown. Halloween horror is descending on the Philadelphia suburbs. This horror is not in the form of a serial killer slasher, but rather in job cuts. Many of the workers who will be eliminated are remote employees who are based outside of Pennsylvania but some office-based sales personnel will be affected by the cuts. With about 12, employees in the area, Kenilworth, N. That is about half of all Merck employees in the United States. There are approximately 25, employees in the United States and Puerto Rico, Morning Call noted, with about 69, global employees. Earlier this year Merck announced multiple expansions of some U. While Merck is slashing those employees, Eisele said the company is adding new positions in strong growth areas, such as oncology. Those employees who are impacted by the January cuts will be able to apply for the new positions. In fact, some analysts have pegged Keytruda to take over the spot of top-selling drug that is currently occupied by AbbVie's Humira. Keytruda has been approved more than 22 times since In August, BioSpace took a deep dive into Keytruda and the impact it has had on treating multiple types of cancer, including melanoma, non-small cell lung cancer, small cell lung cancer, head and neck cancer, classical Hodgkin Lymphoma, primary mediastinal large B-cell lymphoma, urothelial carcinoma, microsatellite instability-high MSI-H cancer, gastric cancer, esophageal cancer, cervical cancer, hepatocellular carcinoma, Merkel Cell Carcinoma, and renal cell carcinoma.
You can check out our post removal policy here. If you can't find your company please let us know and we'll get a board created right away. Suggest Company. If you can't find your hospital or surgery center, please let us know and we'll get a board created right away. Suggest Hospital. Report Healthcare Fraud. Layoffs are coming to oncology in because there are too many morons not gaining more access because they are lazy and they are all doing the same thing. Between arrogant reps and with the other half being lazy, with tons of overlap, this division is set for layoffs and restructuring in Why do you all need oncology reps in a territory? It's a numbers game and it doesn't make sense. Any speculation on what the next acquisition target will be for Merck? Big early approval for Keytruda as a combination therapy for kidney cancer when used in combination with Pfizer's Inlyta to treat advanced renal cell carcinoma. Keytruda is going to define Ken's tenure at Merck. Now Keytruda gets approved for both high and low levels of PD-L1 in untreated non-small cell lung cancer patients. The rich keep getting richer and Keytruda will be Ken's legacy which isn't a bad thing. Frazier will never be loved by Merck employees. He has done too much wrong to change that. Being part of the greater good and with people who make a difference is why people stay at Merck. The CEO is a joke. With lung cancer killing more patients than any other disease, Keytruda can give hope. That's cool to me. The positive is we generate more revenue and Frazier won't be able to fire more employees. In our drive to help people in the medical sales industry we are gathering salary data. This information will be collated, analyzed and number crunched. Can't find your company? Suggest Company Suggest a company board. Can't find your hospital? Suggest Hospital Suggest a hospital board. Contact us today to learn more about how you can make a difference. Report Healthcare Fraud Are you aware of fraud occurring at your workplace or previous place of employment? Speak up, speak out, do the right thing. Start A Thread. Merck Restructuring and Layoffs 2 months ago Layoffs are coming to oncology in because there are too many morons not gaining more access because they are lazy and they are all doing the same thing.
Merck to cut hundreds of jobs, including some N.J. positions
Four months after the critical failure of a closely-watched Phase III study, Sage Therapeutics is bringing out the ax to execute a major restructuring. Out go staffers, slightly more than half of the workforce at the biotech. And Sage is doubling down on their failed depression drug, where the real upside lay. The most advanced late-stage antiviral now in development for Covid is seen as a potential treatment for populations deeply frightened of being killed by the new virus, offering a possible calming effect for markets where panic runs deep — if the data are positive. And that has analysts reading any tea leaves that come their way. And even dealmaking held its own against the howling winds of misfortune — largely because a group of savvy players was quick to adjust to the new reality. Our deal expert Chris Dokomajilar ran the numbers for us on a month-to-month basis and found that not only was venture money flowing during the panicky month of March, but it was also hitting home in record sums compared to the last 26 months of deal flow. Crick was 35, then, inwhen he began working with a year-old named James Watson, and 37 when the pair unveiled the double helix. Rosalind Franklin, whose diffraction work undergirded their metal model, was The model would become the score for a new era in biology, one devoted to cracking the basic structures turning inside life. Subsequent years would bring new conductors and new rhythms: Robert Swanson, 29 when he convinced a year-old Herb Boyer to build a company off his work and call it Genentech; Phillip Sharp, 29 when he discovered RNA splicing and 34 when he co-founded Biogen; Frances Arnold, 36 when she pioneered directed evolution; Feng Zhang, 31 when he published his CRISPR paper. Decisions that once required months would be measured in hours under the Coronavirus Treatment Acceleration Program. It would be the ultimate high-speed regulatory pathway from Phase I to approval. Red tape was banished. Beyond the front ranks of advanced companies in the field, like Gilead, or for drugs endorsed by President Trump, it may not even come close. And when you try to cut through that, the ball gets dropped as it is passed from top officials to the frontline staff actually charged with getting things done. Every biotech startup sets out at its own idea of a deliberate pace. And they often fall into 2 separate styles. There are the sprinters who leap straight into a slate of deals, looking to align themselves with the kind of blue chip partners that help validate their place in the development pipeline. And then there are the marathon, long-haul biotechs like Arrakis, which take a more measured approach. This, of course, was the pre-antibiotic era. The three authors of the analysis — including NIAID chief Anthony Fauci — prophesied that when a viral pathogen reminiscent of that epoch rears its ugly head again, antibiotics will be as crucial to the arsenal of defense as antiviral therapies and viral vaccines. With the scourge of the new coronavirus enveloping the world, that time is here. But there is an added layer of complexity: burgeoning antibiotic resistance. And as it stands, the industry players developing antibiotics are fast dwindling, and the pipeline for new antibiotics is embarrassingly sparse. If you're already an Endpoints subscriber, enter your email below for a magic link that lets you sign in quickly without using a password. Please note the magic link is one-time use only and expires after 24 hours. We'll e-mail you a link to set a new password. Please note this link is one-time use only and is valid for only 24 hours. John Carroll on LinkedIn. Jeff Jonas, Sage. Read More. San Francisco, CA view job offer post your job now. Say what? Premium subscription required Unlock this article along with other benefits by subscribing to one of our paid plans. AP Images. Bioregnum Opinion Column by John Carroll. Michael Gilman Credit: Obsidian.