Biotech Values

[DewDiligence]

AZN cuts 200 jobs from MedImmune sites, relocates others:

http://pressroom.medimmune.com/press-releases/2012/07/16/medimmune-to-streamline-vaccines-operations-in-california

MedImmune, the global biologics arm of AstraZeneca PLC, announced that it is restructuring its infectious disease and vaccines research, development and operations. This will result in the closure of MedImmune’s Mountain View, CA and Santa Clara, CA sites, and consolidation of its infectious disease and vaccines research and development activities to other existing sites.

…The company estimates that approximately 300 positions will be impacted. Of those, approximately 100 positions will move to other MedImmune locations, including its Hayward, CA site.

Some people think AZN’s $15.2B takeover of MEDI in 2007 was the worst acquisition in biotech history (#msg-19020387, #msg-19020497). Regardless, AZN is probably in the worst shape of any Big Pharma. In Feb 2012, AZN announced a cut of 7,300 jobs (#msg-71620282); the new cuts at MedImmune are in addition to that number.