Boston is set to slash up to 12% of workforce
This article was originally published in Clinica
Executive Summary
Wall Street analysts have forecast that Boston Scientific is about to make thousands of job cuts as a response to falling sales. In a report in the Boston Globe, analysts said that the Natick, Massachusetts firm is about to lay-off between 2,000 and 3,400 employees to bring it in line with revenue expectations. Boston, whose current workforce totals 28,000 employees, seems prepared to take drastic measures to turn around its fortunes in the drug-coated stent and defibrillator markets. The company has witnessed falling product sales, due to poor market conditions and a heavy debt from its $27bn purchase of Guidant last year, as well as a series of FDA warning letters.
You may also be interested in...
News We’re Watching: AI Safety Partnership; Boston Scientific Recalls; New Cancer, STI Tests; VR
This week, the US and UK announced a partnership to promote AI safety. Boston Scientific recalls embolic agent. LumiCell received FDA approval for its imaging agent to detect residual cancer. Scout receives an award to develop an STI test; and Osso VR leverages the Apple Vision Pro for VR medical training.
Finance Watch: Canaan, Regeneron Reveal New Funds For Start-Ups
Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.
Pink Sheet Podcast: Leqembi Spending, Woodcock’s Next Act, Pneumococcal Vaccine Development
Pink Sheet editors discuss Medicare spending projections for the Alzheimer’s treatment Leqembi, Janet Woodcock’s new post-FDA role, and ongoing preparations for new pneumococcal vaccines that will reach the market soon.