Vertex cuts workforce 15%
Global biotech Vertex Pharmaceuticals will focus its investment on future opportunities in cystic fibrosis and other high-potential R&D programs and is reducing its workforce related to the support of INCIVEK, because of the continued and rapid decline in the number of people being treated with INCIVEK as other new medicines for hepatitis C near approval.
Vertex is eliminating 370 positions, representing approximately 15% of its global workforce. Approximately 175 positions are being eliminated in Massachusetts. The company anticipates a $150 million to $200 million reduction in 2014 operating expenses from 2013.
Following the reduction, Vertex expects to have approximately 1,800 employees worldwide, including 1,300 in Massachusetts. All employees affected by the restructuring are being offered outplacement services as well as a comprehensive severance package based on their length of employment with Vertex.