GlaxoSmithKline plans to cut 350 jobs, or 2% of its research staff, as part of an ongoing restructuring plan aimed at increasing productivity, according to a company statement.
"We continue to reshape our R&D operations to take advantage of new scientific opportunities and improve GSK's productivity," according to a company statement. "Regrettably some job reductions are necessary and we will do everything we can to support those employees who are affected."
In October, the company announced plans to cut jobs and possibly close some sites as part of a $3.1 billion program to cut costs, increase R&D, and streamline manufacturing. The program is expected to save as much as $1.4 billion in costs by 2010.