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AstraZeneca to layoff 1,150 employees in US

UK-based drug maker aims to take a fourth-quarter restructuring charge related to the layoffs in a range of $50- $100 million
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AstraZeneca Thursday said it will cut 1,150 jobs in the U.S. as part of its plan to operate its U.S. business more efficiently, BBC News reported.

The drug maker will slash its US sales force by 24% as a result of the cuts.  The drug making company of UK has provided its work force an option to self-identify to leave the organization on their own terms.

The drug maker is facing stiff competition from generic drug manufacturers. "These are difficult decisions that impact valued employees. The changes we are making, however will help us deliver better results for our business and, most importantly, continue delivering on our mission of patient health," said Rich Fante, President AstraZeneca U.S.

The UK-based drug maker said it intends to take a fourth-quarter restructuring charge related to the layoffs in a range of $50 million to $100 million.

"The restructuring costs are excluded from its core financial measures, so charges will have no impact on core earnings per share guidance for 2011," the drug maker said in a statement.

AstraZeneca is a global pharmaceutical and biologics company based in London. The drug maker has a portfolio of products for disease areas like cancer, infection, respiratory, inflammation, and neuroscience. 

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