Classic: Sanofi Aventis Is Cutting Over 1500 Jobs Even As It Has $18.5 Billion To Spend On An Acquisition

seniors drugs

This is the new normal. There’s no money to be made in investment or hiring or anything like that, so companies are spending money on buybacks, dividends, and of course M&A (which is really just an excuse to fire workers).

The latest is drugmaker Sanofi-Aventis, which is in the middle of an $18.5 billion hostile bid for Genzyme, though they’re not even waiting for that deail to resolve itself. According to CNBC the company is cutting over 1500 workers, or at least 25% of its US pharma workforce.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

layoffs moneygame-us