We all knew that employees will be the ones to pay for the end of partnership with Johnson & Johnson last year, and we were right.
The company is implementing another restructuring, which is a no longer so secret code word for layoffs. Around 70 people will be shown the door.
I hope this is not just a preview of what's to come.
https://www.nhregister.com/business/article/New-Haven-based-drugmaker-Achillion-is-cutting-70-12710861.php
Yup...
NEW HAVEN — The fallout from decision by health care giant Johnson & Johnson in November to end its partnership with Achillion Pharmaceuticals in developing a drug to treat Hepatitis C is hitting employees of the New Haven drugmaker hard.
Achillion, headquartered on George Street, has announced a corporate restructuring that will eliminate 20 percent of the company’s workforce, which will result in 70 people losing their jobs. The restructuring is expected to result in a $10 million savings during the current fiscal year compared to 2017, company officials said.