Danish drugmaker Lundbeck has announced a restructuring plan that aims to cut costs by $444.6 million, eliminating 1000 jobs in an attempt to regain profitability.
Recently-appointed CEO Kåre Schultz plans to cut 17% of the workforce as Lundbeck faces generic competition, restructuring its Copenhagen headquarters and commercial operations in Europe.
According to Schultz, Lundbeck will focus on marketing new products, such antidepressant Brintellix and schizophrenia treatment Rexulti, as well as in-house drug development.
Read the Bloomberg article