Genzyme to Cut 1,000 Jobs by Selling Division

Scientific researchAs reported by the Boston Globe, the global biotechnology company Genzyme, plans to cut 1,000 jobs when it sells its genetics testing business to Laboratory Corp. of America in a deal worth $925 million.

The sale of the biotech’s genetics division marks a move by the company to expand into areas such as reproduction and onocology.

The move could also increase pressure on the company’s suitor Sanofi Aventis to buy the biotechnology company before it gets rid of anymore assets.

 

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