Novo Nordisk announces new spate of job cuts

Denmark-based  Novo Nordisk will cut 250 jobs in the US. The news was announced on Friday evening after trading closed and will affect 100 employees at Princeton premises (NJ) and 150 employees working in the diabetes area with support tasks. The company already announced last week it would dismiss 400 research employees in Denmark and China. The decision of further reducing the group’s workforce reflects the ongoing insulin price war in the US, which will force the Denmark-based group to grant heavy discounts in order to preserve its market share. This will result in lower operating profit.

(Source: Reuters)