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Biogen Cuts Jobs In Massachusetts06:38
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Biogen headquarters on Binney Street in Cambridge (Jesse Costa/WBUR)
Biogen headquarters on Binney Street in Cambridge (Jesse Costa/WBUR)
This article is more than 3 years old.

Boston biotech giant Biogen announced Wednesday that they're cutting 11 percent of their workforce worldwide or 880 jobs, 400 of which reside in Massachusetts. The biotech giant will also be shuttering a number of its drug research programs.

Biogen says the savings will be invested in other multiple sclerosis programs and treatments for Alzheimer's and muscular atrophy.

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Robert Weisman, health care business reporter for The Boston Globe. He tweets @GlobeRobW.

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WBUR: Cambridge-Based Biogen Cutting 400 Jobs In Mass.

  • "In an earlier statement, Scangos had said 'we believe these actions are necessary to fulfill our mission of bringing important new medicines to patients.' Biogen says the restructuring will save $250 million a year, and is expected to be completed by January."

The Boston Globe: Biogen To Cut 880 Jobs — 400 In Mass. — In Restructuring

  • "Biogen said the cutback will lower its annual operating costs by about $250 million. The savings would be used to invest in other MS programs as well as treatments for Alzheimer’s disease and spinal muscular atrophy, the company said. But the drug maker will discontinue a late-stage clinical study to test its MS pill Tecfidera in a new patient population along with the development of drugs to treat lupus nephritis and immunology and fibrosis research."

Boston Business Journal: Biogen To Cut Worldwide Workforce, Affecting About 400 Massachusetts Jobs

  • "Cambridge-based Biogen (Nasdaq: BIIB), which has about half of its 8,000 global employees in Massachusetts, said the move will save about $250 million a year which it will invest back into drug research."

The Boston Globe: Rough Week Puts Biotech Boom In Perspective

  • "'You’re going to see more of these setbacks,' said former venture capitalist Jonathan J. Fleming, president of the Network for Excellence in Health Innovation, a Cambridge health policy institute. 'We’ve had an investment boom since 2013 that has seen 138 new biotech companies going public. Just the law of averages tells you that all their drugs can’t work.' "

This segment aired on October 21, 2015.

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