As GlaxoSmithKline organizes its new Consumer Health Care business through its joint venture with Novartis, GSK issued a WARN notice recording 350 NJ layoffs.
According to NJBiz, affected positions include managers and employees in marketing and medical affairs, sales and operations, finance, information technology, consumer relations and regulatory affairs. The notice had an effective date of May 1, 2015.
Announced last year, the joint venture combines Novartis’ over-the-counter drug business with GSK’s consumer business. Novartis will own 36.5% of the new "GSK Consumer Healthcare" venture, leaving GSK with 63.5% and managerial control.
A GlaxoSmithKline spokeswoman told the North Jersey Record that the job cuts began last month and will continue through the rest of 2015. Internal sources report GSK favoring its own employees in a 60/40 ratio as it seeks to eliminate duplication in job functions.
Read the NJ Biz article