JULY 26, 2023 — 1,000 EMPLOYEES TARGETED IN NEW COST-SAVING INITIATIVE
Biogen’s CEO Chris Viehbacher has announced that the company will reduce its headcount by about 1,000 employees (approximately 11%) by 2025. According toViehbacher, “You have to be cost-efficient and you have to invest in growth.”
MARCH 3, 2022 — NO LONGER A RUMOR, BIOGEN BEGINS LAYOFFS
The company has confirmed that it will be implementing cost-cutting layoffs and has started the process with layoffs in Cambridge, Massachusetts.
According to a company spokesperson, "Some of our colleagues in the U.S. were recently informed that their roles are being eliminated. The company will also hold off on filling many open positions.”
FEBRUARY 19, 2022 — RUMORS OF LAYOFFS
“Drugmaker Biogen Inc. (Nasdaq: BIIB) is reportedly mulling layoffs of more than 1,000 employees.”
DECEMBER 30, 2021 — CAN YOU BELIEVE THE NEWS ABOUT A SAMSUNG ACQUISITION?
As reported by Barron’s …
The Korea Economic Daily, citing unnamed investment banking sources, reported Thursday that Samsung is engaged in negotiations to acquire Biogen (ticker: BIIB). The deal could value Biogen at $42 billion, according to the report, representing about a 20% premium from Biogen’s current market cap of about $35 billion
A Samsung spokesperson told Barron’s in an emailed statement that the report was groundless. Biogen said it does not comment on market rumors and/or speculation.
Biogen owns less than half of Samsung Bioepis, a unit that develops biosimilar drugs. As of September, five low-cost biosimilar drugs from Samsung Bioepis have been approved in the U.S.
DECEMBER 9, 2021 — 2022 DANGER AHEAD
With the announcement that Biogen’s Head of Research & Development, Alfred Sandrock, will retire from the Company effective December 31, 2021, and the company’s troubles with the company’s Alzheimer’s drug, Aduhelm, the company seems to be advancings its restructuring and cost-cutting activities to save $500 million to $750 million in expenses. This would impact more than 1,000 Biogen employees and contractors.
NOVEMBER 8, 2021— Original post…
Cambridge, Massachusetts-based Biogen, a biotechnology company specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases, has announced the continuance of its company-wide cost-cutting initiative with a reduction in force at its Research Triangle Park facilities located in Research Triangle Park, North Carolina.
The reduction in force will impact 130 to 200 employees, mostly inpatient support services. Overall, the company-wide reduction in force will impact approximately 800 employees.
According to a statement issued by Biogen CEO George S. Scangos, “The decision to reduce the Company’s workforce was extremely difficult, but we believe these actions are necessary to fulfill our mission of bringing important new medicines to patients. We have several high-quality programs that are now or soon will be in Phase 3, and the cost savings from the restructuring will be reinvested to carry out those programs aggressively and hopefully to bring them to patients as quickly as possible. We are grateful for the contributions of our talented and admired colleagues and we will do our best to treat everyone with fairness and dignity.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
