News

Actelion: up to 135 jobs lost
Enlarge image

BusinessSwitzerland

Actelion: up to 135 jobs lost

13.07.2012 - Swiss biotech company Actelion announces to reduce headcount by 135 in order to lower costs and refocus research.

The swiss pharma company is relying heavily on 1st main product, the blood-pressure drug Tracleer, which currently accounts for around 90 percent of group sales and goes off patent in 2015. As the sales of the endothelin receptor antagonist decline, Actelion decided to start a cost saving initiative. "In order to take full advantage of the growth opportunities ahead of us, we must take decisive action now," said Chief Executive Jean-Paul Clozel.

The cost savings will reduce research spending. Actelion is set to concentrate 1st R&D activities towards orphan and speciality indications. Projects „which are not in alignment with this strategy will either be stopped, or prepared for partnership or out-licensing“, the Swiss company stated on 12 June. The cuts will be the first at Actelion since it was founded in 1997 and will mostly hit the headquarters in Allschwil. Around 70 jobs, mostly in R&D and general administration, are likely go at the Allschwil site in Switzerland, where 1,100 employees are currently based. Another 45 currently vacant positions won't be filled, reports Fox Business.

“It’s good to see they’re doing the right thing,” Michael Leuchten, an analyst at Barclays Capital in London, said to Bloomberg, adding that it would be „a bit more than they had been talking about” at a briefing in May, when the company said it would seek cost reductions in research, and not administration. Analyst Birgit Kulhoff, who manages a healthcare portfolio for private bank Rahn & Bodmer in Zurich is more sceptical. She said, that Actelion's cost-cutting scheme would merely aim at keeping the company afloat, after it had built up a structure that was too big and hard to sustain. Vontobel analyst Andrew Weiss expects the job cuts to generate savings of about CHF40m, while the related charges could be in the area of CHF20 million. Actelion will provide a will provide a business update at the half year reporting, scheduled for 19 July 2012.

http://www.european-biotechnology-news.com/news/news/2012-03/actelion-up-to-135-jobs-lost.html

PoliticsSwitzerland

23.10.2014 Just one day before its planned initial listing, Swiss Molecular Partners has cancelled its IPO. The reason: "unfavourable market conditions".

PoliticsEU

23.10.2014 Jean-Claude Juncker can breathe a sigh of relief as MEPs voted “yes” by a large majority to his team of European Union Commissioners. Previous to the vote, Juncker had shifted the EMA back to the health commissioner in response to protests.

FinancingFrance

21.10.2014 Yet another European company is looking for money on the US stock exchange – French DBV Technologies SA is all set up for its secondary listing on NASDAQ. The French biotech company hopes to rake in US$98m for its peanut allergy patches.

FinancingDenmark

18.10.2014 After raising US$220.5m (€172m) with its IPO, fast Forward Pharma’s lucky streak hits an obstacle on the road to success with shares falling 17% on its first day of trading.

M&AUKItaly

17.10.2014 Abandoned at the altar: Abbvie has dropped plans to acquire UK’s Shire following new US tax rules. This puts a stop to one of the biggest pharma mergers planned this year.

FinancingUKBelgium

15.10.2014 Bicycle Therapeutics wins €25m backing by major pharma venture capitalists for the development of a new class of oncology drugs.

FinancingGermanySwitzerlandNetherlands

13.10.2014 Biotechnology IPOs are back in fashion – German Probiodrug AG wants to raise €32m with its IPO, whilst Swiss Molecular Partners AG hopes the launch of its IPO will gain a revenue of €145m.

BusinessIreland

10.10.2014 Actavis has announced plans to merge with American pharma company Durata - a move that will strengthen their infectious diseases portfolio.

RegulationEU

07.10.2014 In an unprecedented move, the European Medicines Agency has approved a system allowing the future analysis of clinical trial data.

FinanceNetherlandsEU

06.10.2014 Another fund from the Netherlands has raised €92m in its first close and will invest the money in companies developing innovative therapeutics, medical devices and diagnostics.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • 4SC0.97 EUR0.00%
  • ACTELION112.40 CHF0.00%
  • ADDEX3.30 CHF0.00%

FLOP

  • CYTOTOOLS31.45 EUR-0.47%
  • 4SC0.97 EUR0.00%
  • ACTELION112.40 CHF0.00%

TOP

  • BIOFRONTERA2.90 EUR31.8%
  • VITA 344.32 EUR7.2%
  • BB BIOTECH157.70 EUR6.1%

FLOP

  • PAION2.24 EUR-27.7%
  • CYTOS0.16 CHF-23.8%
  • MAGFORCE5.90 EUR-16.9%

TOP

  • SANTHERA85.50 CHF2288.3%
  • CO.DON2.75 EUR183.5%
  • PAION2.24 EUR143.5%

FLOP

  • CYTOS0.16 CHF-95.9%
  • 4SC0.97 EUR-44.3%
  • THERAMETRICS0.08 CHF-42.9%

No liability assumed, Date: 24.10.2014