Bio-tech Giant Biogen Announces Layoffs

BOSTON (CBS/AP) - Biotechnology company Biogen Idec Inc. says it is laying off 13 percent of its work force to cut costs.

Biogen, based in Weston, has about 4,750 employees, with the job cuts affecting roughly 617 workers.

The company says 86 of the layoffs will be in Massachusetts with the majority in Cambridge.

The company says it will focus on focus on neurology and leverage its strengths in biologics research and development and manufacturing to pursue select biotechnology-based therapies. It is cutting efforts at cardiovascular medicine and plans to either spinoff or license its cancer treatment assets.

Biogen expects to have annual savings of about $300 million after the restructuring, which will lead to charges of about $115 million.

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