November 19, 2014 / 3:12 PM / 4 years ago

Drugs company Shire relocates 500 jobs to Massachusetts

LONDON, Nov 19 (Reuters) - Drugs company Shire said on Wednesday it would move over 500 jobs from its Chesterbrook, Pennsylvania site to Lexington, Massachusetts, to save costs by combining its worldwide R&D and commercial operations in two locations.

It is the latest step in Chief Executive Flemming Ornskov’s plan to streamline the fast-growing company that was set to be acquired by AbbVie until tax changes derailed the $55 billion deal last month.

Consolidating its operations in two main sites, in Switzerland as well as Massachusetts, would save about $25 million a year from 2016, the London-listed group said.

It will also allow the group, which makes drugs to treat hyperactivity and rare diseases, to bring new medicines to market more quickly.

The company also said its head of investor relations Jeff Poulton would take over from James Bowling as interim chief financial officer from the end of February. (Reporting by Paul Sandle; editing by Susan Thomas)

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