Medical device maker Boston Scientific Corp said on Wednesday it would undergo a global restructuring program that is expected to save the company up to $150 million by 2020.
The company said it expects to incur total pre-tax charges of about $175 million to $225 million as a result of the program.
The company said it would cut some jobs under the program, although the total number of employees will remain “relatively unchanged.”
As of Dec. 31, Boston Scientific had about 25,000 employees, according to a regulatory filing.
The program, which will cut gross annual pre-tax operating expenses by about $115 million to $150 million, is expected to be largely completed by the end of 2018, the company said.
In April, the company reported a higher-than-expected quarterly profit and raised its full-year revenue forecast, boosted by sales of new devices for heart patients.
By Narottam Medhora
Source: Reuters
With a first to market advantage, Ferring’s Rebyota has seen early positive adoption from gastroenterologists and infectious disease specialist in the first month post-launch. As part of their Launch Dynamix™: C.diff service, Spherix reports, while new monthly initiations are modest, a majority of physicians trialing Rebyota report high satisfaction.
Global biopharmaceutical firm UCB has entered an early drug discovery collaboration with Aitia. The collaboration is aimed at discovering and validating new drug targets and drug candidates that are linked to clinical endpoints causally in Huntington’s disease, a debilitating genetic disorder.
Foundry Innovation & Research 1—known by its much catchier acronym, FIRE1—announced Wednesday the close of a $25 million financing round. It was led by a pair of new investors in the company: Andera Partners and Novo Holdings, the holding and investment company that serves as the controlling shareholder for Novo Nordisk and Novozymes.
