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GlaxoSmithKline cuts 350 research jobs

June 12, 2008 /

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GlaxoSmithKline (GSK), the world’s second-largest drugmaker, said Wednesday it is cutting 350 jobs, or around 2% of its research staff, as part of an ongoing restructuring plan aimed at boosting productivity.

Like other drugmakers, Glaxo is encountering declining earnings. The drugmaker faces increasing competition with generics, setbacks to products and fewer potential future drugs in production.

By Jane Wardell, AP Business Writer

Full Story: http://www.usatoday.com/money/companies/management/2008-06-11-glaxo-rd-cuts_N.htm

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