Processing Magazine

Genzyme Will Write Down up to $23 Million for Layoffs

February 21, 2011

Biotechnology company Genzyme Corp., expects a new round of layoffs to result in charges of $16 million to $23 million, according to the Associated Press. Genzyme, which is being acquired by drug maker Sanofi-Aventis, announced in November that it would lay off 1,000 workers by the end of 2011. It cut 392 positions that month. Genzyme said in a Securities and Exchange Commission filing that it is cutting 170 positions in the second phase of the layoff plan. The cuts include 60 unfilled positions and 40 jobs in San Diego, where it is closing a facility. The company did not offer details about the rest of the cuts. Genzyme said it is offering severance packages to laid-off workers in the United States and similar packages to employees outside the U.S. in accordance with local laws.