Business & Tech
Human Genome Sciences Plans More Layoffs
Report: Rockville-based biotech to begin job cuts this month after acquisition by Glaxo.
Human Genome Sciences plans to cut 97 jobs—and likely more—as the Rockville-based biotechnology firm continues restructuring after being bought by British pharmaceutical giant GlaxoSmithKline, Baltimore Business Journal reported.
Last month, Human Genome announced plans to cut 114 of its 1,110 positions beginning this month, the Business Journal reported. The 97 additional cuts will begin Dec. 15.
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More cuts are projected to begin Nov. 30 and continue into 2013, Human Genome officials told the state’s Department of Labor, Licensing and Regulation on Wednesday, the Business Journal reported.
GlaxoSmithKline acquired Human Genome in August for $3.6 billion acquisition ($14.25 a share).
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The ownership transition reportedly has not gone smoothly after HGS’s board rejected a $2.6 billion takeover bid by Glaxo in April.
GSK shares (symbol: GSK) were trading on the New York Stock Exchange at $45.37 (-0.37/-0.82 percent) at 2 p.m. Friday.
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