French drugmaker Pierre Fabre has announced it will cut 551 R&D and sales jobs by 2016, almost exclusively in France, in order to focus on expanding its dermatology and cosmetics division in the U.S. and Asia.
Discussing its strategy for the next three years, Pierre Fabre said it plans to cut costs in pharmaceuticals to be able to build a consumer healthcare franchise and grow its dermo-cosmetics business abroad.
Pierre Fabre, the third-largest French pharmaceutical company, has a worldwide staff of 10,000, with 6,500 located in France.
Read the Reuters press release