Actelion to cut 40 research jobs in Switzerland

Aims to capitalise on growth in its core area of expertise

Swiss biopharmaceutical firm Actelion has reached an agreement with employee representatives over a cost-saving package that will result in the loss of 40 research jobs at its headquarters in Allschwil.

The initial expectation was that up to 70 redundancies would be made at the firm's headquarters.

Actelion has also agreed severance payments, early retirement packages, out-placement support and additional benefits.

The cost-saving initiative is an integral part of an Actelion strategy outlined in May.

The firm says it will ensure that it can fully capitalise on significant growth opportunities in its core area of expertise of pulmonary arterial hypertension (PAH).

The plan, which will take effect later this year and accelerate in 2013, will result in the loss of 135 jobs globally, including 115 positions in Allschwil.

The firm will take a one-off restructuring charge in Q3 2012.

Actelion has confirmed its July 2012 guidance of core earnings to grow in the mid single-digit percentage range for 2012.

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