Gold Prices Retreat From Two-Month High as Softer Inflation Eases Fed Rate Hike Bets 
Alphabet’s SpaceX Investment Soars 100-Fold to $94 Billion 
Australia’s Corporate Leaders Face Parliament Over KPMG Client Data Scandal 
Lenovo Revenue Surges 43% as AI Demand Drives Record First-Quarter Growth 
Canada-US Trade Talks Gain Momentum Ahead of Aug. 19 Tariff Deadline 
Apple Develops China-Specific AI Model With Alibaba as Apple Intelligence Launch Nears 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
US Dollar Slips as Softer PPI Data Eases Fed Rate Hike Expectations 
LG, Nvidia Expand AI Partnership With Humanoid Robots, AI Factories 
KOSPI Eyes Best Weekly Gain Since June as Samsung, SK Hynix Rally 
US Dollar Slips as Weak Retail Sales Reduce Fed Rate Hike Bets 
Paramount Weighs CNN Sale as $110B Warner Bros. Discovery Deal Faces Antitrust Fight 
European Stocks Rise as U.S. Inflation Data Eases Fed Rate Hike Fears 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
Maersk Raises 2026 Earnings Outlook as Shipping Profits Beat Expectations 
Strait of Hormuz Shipping Near Standstill After New Vessel Attacks 
Asian Currencies Edge Higher as Soft US Inflation Weighs on Dollar 
Add as a preferred source on Google
Bristol Myers and AbbVie are reportedly planning to terminate some of their staff in California. The job cuts will be the latest in a string of layoffs in the biopharma industry in the United States.
As per Reuters, a combined total of 360 job roles are set to be affected by the plan. Both Bristol Myers Squibb Co, and AbbVie Inc. reportedly informed the officials of the California administration that they will eliminate some of their employees.
The notices were said to have been filed last week with the state but were only made public a few days after. In the filing, Bristol Myers Squibb indicated that it will remove up to 261 jobs in its offices in two locations in San Diego, California. As of AbbVie, it told the state it will be slashing some 99 jobs in Irvine.
The company’s spokesman said that the layoffs at Bristol Myers are taking place after the company acquired Turning Point Therapeutics Inc. for $4.1 billion. The biopharma’s acquisition deal with the San Diego-based biotech drug developer closed just last month.
Fierce Pharma reported that the job cut notices were separately filed by Bristol Myers and AbbVie under the Worker Adjustment and Retraining Notification (WARN) alerts. The filing is to officially inform California that there will be layoffs from their companies this November.
With the move, Bristol Myers and AbbVie have joined other major biopharmaceutical firms such as Novartis and Biogen in the reduction of their workforce. At any rate, BMS’s job cuts are related to its latest acquisition deal of Turning Point Therapeutics and this was confirmed by the company through its spokesman.
“We are very pleased to have completed the acquisition of Turning Point Therapeutics to further strengthen our leading oncology franchise,” the company said in a separate statement. “As part of the integration, all incoming employees received retention packages tied to continued service to BMS for a period of time and have been encouraged to apply to long-term roles at BMS after their retention period ends.”
Meanwhile, AbbVie was not able to respond immediately to a request for comment regarding the job cuts.
