Summary Box: Novartis to cut almost 2,000 US jobs

AP News
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Posted: Jan 13, 2012 1:00 PM
Summary Box: Novartis to cut almost 2,000 US jobs

THE CUTS: Swiss Drugmaker Novartis AG will cut 1,960 jobs in the United States this year in anticipation of lower sales for two of its hypertension drugs, the Swiss company said Friday.

JOBS LOST: The company said the cuts will affect 1,630 sales positions in the field and 330 posts at its U.S. headquarters in New Jersey.

THE REASON: The restructuring was necessary because of the expiration of its patent for the best-selling blood-pressure drug Diovan and the failure of a clinical study into another blood-pressure drug, Tekturna, Novartis said.