Roche Rolls Out Redundancies at Genentech
The Swiss drug firm began cutting administrative and drug development jobs at Genentech this week
Getty Images
Swiss drug firm Roche began to cut jobs at Genentech this week. It is unclear as to how many employees will be effected by the redundancies.
Genentech employees are on edge as parent company Roche issues pink slips at the biotech firm.
The San Francisco Chronicle reported that the cuts instituted by Roche, the Swiss drug company that bought Genentech earlier this year for $46.8 billion, have so far affected less than 1 percent of Genentech's 8,250 Bay Area employees. But Roche gave no indication as to how many jobs will ultimately be eliminated or how long it will take to implement the changes.
The reductions are primarily targeting administration and late-stage drug development, with minimal job losses in manufacturing. Some workers are being voluntarily bought out, while others are simply being laid off.
A Roche representative said that employees who lose their jobs are kept on the payroll for 60 days, given job search assistance, and provided with a cash severance package and some health coverage.
Posted Friday, Jul 10, 2009 - 1:26 PM PST
