Roche Holding AG Revamps Research Operations, Cuts 1,000 U.S. Jobs-Reuters

Reuters reported that Roche Holding AG said it was overhauling its research operations by closing the 80-year-old New Jersey facility where Valium was discovered, cutting 1,000 jobs and replacing its drug research chief. Roche will also shutter its 127-acre (51.4 hectares) Nutley, N.J.-based campus and move those activities to Germany and Switzerland, a consolidation aimed at curbing drug development costs. The sites in Switzerland and Germany are expected to add about 80 jobs, the Company said.