Novartis to Close NY Plant, 525 Jobs Cut

Novartis AG plans to shut its factory in Suffern, New York -- the facility that makes heart drug Diovan and malaria treatment Coartem -- as part of a productivity review.

A Novartis spokesman said the factory closing will affect around 525 jobs. The drugmaker will begin closing the factory in the second half of the year.

Novartis also recently announced the cutting of 500 support jobs in Switzerland, as part of an overall effort to prepare for declining sales of Diovan, which lost U.S. patent protection in 2012.

Read the Bloomberg press release

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