Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)

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To: Icebrg who wrote (1623)	6/9/2003 5:43:31 AM
From: Icebrg	Read Replies (1) of 3044

Drugs HQ closed after just a month Sarah Bridge, Mail on Sunday 8 June 2003 [Some more details on the UK part of the cost-cutting operation. Seems very drastic and somewhat unplanned. I wonder what Adams feels about his new job responsibilities?] AMERICAN drugs giant Millennium Pharmaceuticals is shutting its UK headquarters only one month after moving into the new £30m building in Cambridge. All 220 staff were made redundant last week after Julian Adams, senior vice-president, flew in to fire the UK employees. They have been told they will have work for another three months and will receive a further three months' pay. The UK redundancies are part of a drastic cost-cutting exercise by the company, which is slashing its workforce by a quarter. More than 600 people worldwide are to go and its San Francisco office is to shut, leaving only its headquarters in Cambridge, Massachusetts. Millennium, which lost £356m last year, is to spend less on early research and focus on marketing its blood cancer treatment, Velcade. It said the cuts were needed to hit its targets and turn in profits by 2006. thisismoney.com

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