More consolidation efforts and buy outs in health care...BD
March 18 (Reuters) - Inverness Medical Innovations Inc (IMA.A: Quote, Profile, Research) said it would close two facilities in San Francisco and a manufacturing plant in Colorado resulting in some job cuts as it seeks to reduce costs and improve margins. The maker of home pregnancy tests and fertility-monitoring kits expects to cut about 56 positions, or 80 percent of the workforce at its manufacturing plant in Louisville, Colorado, which produces the BioStar OIA product lines.
March 18 (Reuters) - Biotech company Kosan Biosciences Inc (KOSN.O: Quote, Profile, Research) said it will cut its workforce by 37 percent to focus resources on its lead clinical programs. Kosan, which has about 90 employees, expects restructuring charges of about $700,000 in the first quarter and said the restructuring will result in most research programs being placed on hold. The company also cut its 2008 estimate for cash used in operating activities to $37 to $47 million from $40 to $50 million.
TOKYO, March 19 (Reuters) - Takeda Pharmaceutical Co (4502.T: Quote, Profile, Research), Japan's largest drug maker, plans to buy out Abbott Laboratories Inc (ABT.N: Quote, Profile, Research) stake in their 50-50 U.S. joint venture for 500 billion yen ($5 billion), a source close to the deal said on Wednesday.