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BMS To Lay Off 4,300 in Restructuring Bid

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By: Tim Wright

Editor-in-Chief, Contract Pharma

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 i...

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