Bristol-Myers Squibb has publicized the details of its restructuring initiative as it works to become a “next-generation BioPharma company.” With the aim of generating $1.5 billion in annual pre-tax savings by 2010 (the year that top-seller Plavix loses patent protection), the company plans to fire 4,300 staffers — approximately 10% of its workforce — in the process of reducing its roster of manufacturing sites by 50% by the end of 2010 and reducing the number of brands in its “mature products portfolio” by 2011.

Costs for the firings and closings are projected to be between $900,000 and $1.1 million. Said chief executive officer James M. Cornelius, “It is difficult to see our valued colleagues leave the company, but right-sizing our workforce across all areas is critical to achieving our productivity goals and enhancing the competitive position of the company. While we are reducing headcount in certain functions, we will continue to invest in R&D, biologics and commercialization talent.”

The company plans to sell its medical imaging business and is also looking at “strategic alternatives” for its ConvaTec (ostomy supplies) and Mead Johnson (baby nutritionals) units.