BUSINESS

Bristol-Myers To Cut 4,300 Jobs

03/28/2008 02:45 am ET | Updated May 25, 2011

US drugmaker Bristol-Myers Squibb says it will cut its 43,000-strong workforce by 10% and close half of its 27 manufacturing plants to save $1.5bn.

The firm will also reduce the number of mature drug brands in its portfolio by 60% as part of a major restructuring.

The job cuts and plant closures will take place over several years.

The moves come amid lackluster earnings for the firm in recent years due to patent expiration on the firm's important medicines.

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