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Genzyme Says It Is Preparing to Make Job Cuts

From Associated Press (September 10, 2010)

CAMBRIDGE, Mass. -- Biotech drugmaker Genzyme Corp. said Friday it will eliminate jobs, although it does not intend to provide specifics until next week.

The company says it has 12,800 employees and has begun informing workers of its plans. Spokesman Bo Piela said Genzyme has been evaluating itself since the summer and has now set goals for cost reduction. Piela said the company will announce details of its plans some time next week.

Genzyme said in May that it wanted to reduce costs but did not specify if its plans would include job cuts. At the time it also said it might sell or spin off several of its businesses. At the end of August French drugmaker Sanofi-Aventis SA offered to buy Genzyme for $18.5 billion, but Genzyme said that offer was too low.

In afternoon trading, Genzyme stock rose 26 cents to $70.89.

Posted: September 2010