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
Hybrid closed-loop systems rely on an algorithm to first analyze real-time blood sugar readings from a continuous glucose monitor, then use the results to adjust an insulin pump’s output as needed throughout the day. In this case, the algorithm was developed by Diabeloop, the CGM is a Dexcom G6 sensor, and the insulin pump comes from ViCentra.
Boehringer Ingelheim has acquired bacterial cancer therapy company T3 Pharmaceuticals in a deal that could be worth up to 450 million Swiss francs ($508 million). The addition of Allschwil, Switzerland-based T3 will “significantly expand” the German drugmaker’s immuno-oncology pipeline and aligns with some of the company’s existing R&D programs.
EuroAPI has completed the acquisition of BianoGMP, a contract development and manufacturing organization (CDMO) specializing in oligonucleotides. The acquisition, announced in August, further differentiates its value proposition to support a broader client base across the whole oligonucleotide development continuum, from research to commercialization, EuroAPI said.
