This U.S Drug maker Just Said it Will Lay off 20% of Its Workforce

U.S drug maker Alexion announced this week that it would be slashing 20% of its workforce.

In an effort to cut spending, the pharmaceutical company said on Tuesday that it would be laying off around 20% of its workforce around the globe. This means about 620 jobs are going to be cut as the company had 3,100 full time employees at the end of 2016.

Alexion announced the news on a call with analysts and said that as part of the restructuring, the company will also close some of its manufacturing sites, including its Rhode Island facility.

Additionally, Alexion said it would be relocating its New Haven headquarters to Boston by the middle of next year.

The company said it anticipates cutting costs by $270 million each year by 2019, on a pre-tax, adjusted basis. In relation to the restructuring, the company is expecting pre-tax expenses of $340 million to $440 million.

Disclaimer: We have no position in Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) and have not been compensated for this article.