Roche announces 223 layoffs in Genentech headquarters

Genentech, a subsidiary of Switzerland-based Roche, has announced 223 layoffs in its headquarters in California. The job cut plan will affect all the departments, will start as of the end of August and will be completed in less than three months. The decision probably reflects the need to reduce costs, since the new biosimilars to Roche’s blockbusters  Rituxan (rituximab), Herceptin (trastuzumab) and Avastin (bevacizumab) have generated over $20bn together in 2017.

(Source: Becker’s Hospital Review)