The decisions by the Swiss pharmaceutical giant Novartis to shed 320 of the 550 jobs at its Cork campus over the next three years and by Koch Industries to close its Molex manufacturing facility in Shannon, with the loss of 500 jobs, may be the tip of the manufacturing industry closures’ iceberg in Ireland.
Novartis, the Swiss drugmaker which employs 1,600 people in Ireland, has agreed to acquire AveXis for $8.7bn (€7.1bn) to gain a promising drug to treat a rare disease that afflicts infants, hastening a shift towards gene therapy and precision medicines.
Healthcare solutions company Novartis Ringaskiddy has just marked a number of very significant milestones; having recently welcomed the global Novartis board of directors to the Cork campus, the company has also just unveiled its first ever Cork-born site lead.
A run of disappointing drug trials at Roche has left analysts suggesting the view from its new 41-storey office building in Basel, Switzerland, has become more clouded, with little chance of management now upgrading its growth forecast next week, when it reports first-half earnings.
Sanofi says it has sent a letter to Medivation’s board, urging the company to engage in negotiations regarding the French drugmaker’s unsolicited $9.3bn (€8.1bn) takeover offer and threatening to go directly to shareholders if talks don’t begin.
Switzerland’s companies warned of a plunge in exports, tourist revenues and profits after the country’s central bank scrapped its cap on the Swiss franc, sending the currency soaring up to 30% and crushing their competitiveness in world markets.