GSK cutting RTP jobs

February 16, 2011 8:36:32 PM PST
GlaxoSmithKline confirmed to ABC11 Wednesday that it will cut some jobs in Research Triangle Park as it scales back part of the medical development center.

GSK says it will cut fewer than 50 jobs from Neuroscience R&D -- the clinical trial area in RTP.

GSK's U.S. headquarters is located in RTP.

The pharmaceutical maker reported a 60 percent drop in 2010 profits earlier this month. Since 2007, the company has cut about 22,000 jobs worldwide and reduced its U.S. workforce by about 4,000.

In addition to slowing sales, the company also paid out billion to settle legal claims related to its controversial diabetes drug Avandia following allegations it increases the risk of heart attacks.

GSK has said it intends to sell off some of its lesser-known brands and buy back some of its own stock from investors.

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