Five questions answered on further job losses at AstraZeneca

UK pharma firm cuts a further 2,300 jobs globally.

UK pharmaceutical giant AstraZeneca has announced further job losses on top of the ones it announced at the beginning of the week. We answer five questions on the AstraZeneca job losses.

How many job losses has AstraZeneca announced this week?

On Monday the company announced around 2,300 job losses world wide - around 700 from the UK. Today it has announced a further 2,300 jobs will be lost globally.

Why is the company axing these jobs?

AstraZeneca is in the process of restructuring its business and has outlined a new strategy that has resulted in these job losses. One of the big aspects of its UK restructuring is closing down its London office and opening a new headquarters in Cambridge.

Research and development work will no longer be carried out at its Alderley Park, Cheshire facility, with approximately 1,600 roles being relocated to Cambridge.

How much is the company investing in Cambridge?

The company is investing £330m ($500m) to build a new headquarters in Cambridge and creating 2,000 jobs in the area.

What other problems do AstraZeneca face?

The company is struggling with a lack of drug developments in the pipeline and patents of blockbuster drugs that are due to expire.

Today it announced it will concentrate on developing drugs to combat respiratory, inflammation and autoimmunity, heart disease and cancer treatments.

What has AstraZeneca said in regards to its new strategy?

In a press statement Chief Executive Officer, Pascal Soriot said: “We are making an unambiguous commitment to concentrate our efforts and resources on our priority growth platforms and our priority pipeline projects.

“As we focus, accelerate and transform our business we know that our success will ultimately be measured by the quality of execution. I’m confident that we have set out on the right path to return to growth and achieve scientific leadership, and I’m equally confident that our people possess the talent, determination and focus to deliver for patients as well as our shareholders.”

Photograph: Getty Images

Heidi Vella is a features writer for Nridigital.com

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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