Friday, 2 October 2009

UK - Renovo to Cut Jobs

UK-based Renovo is to cut the jobs of a third of its workforce as part of restructuring, the company revealed in September 2009.

The restructure comes after talks of a takeover with an unnamed company failed.

Renovo, which specialises in scar-reduction technology, hopes to reduce costs by around 20-30% by axing around 50 of its 160 employees.

In addition to job cuts, the company will freeze directors’ salaries in order to retain cash for the Phase III trials of Juvista.

Further reading - A detailed review of the UK pharmaceutical market, including some more information on domestic producers, is available from Espicom: The Pharmaceutical Market: United Kingdom (published June 2009)

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