AEVEX Raises $320 Million in IPO Amid Surging Defense Sector Demand 
U.S. Crude Oil Exports Surge Toward Record Highs Amid Global Supply Crisis 
Greg Abel Sells Berkshire Hathaway Stocks Managed by Former Investment Manager Todd Combs 
Eli Lilly in Talks to Acquire Kelonia Therapeutics for Over $2 Billion 
Oil Prices Dip as Middle East Peace Hopes Grow Amid Iran-U.S. Talks 
Federal Judge Dismisses DOJ Lawsuit Attempting to Block Hawaii's Climate Case Against Oil Giants 
Stocks Surge as Strait of Hormuz Reopens, Oil Prices Plunge 
Japan Eyes Private Credit as Key Pillar in New Financial Strategy 
Indonesia and Toyota Explore $300M Bioethanol Investment to Boost Renewable Energy Goals 
NVIDIA Acquisition Rumors Dismissed by Morgan Stanley as Strategically Flawed 
IMF and World Bank Resume Ties with Venezuela, Opening Door to Billions in Funding 
Australia Extends Fuel Sulphur Relaxation Amid Iran War Supply Disruptions 
Asian Currencies Rally as Dollar Weakens Amid Iran Ceasefire Hopes 
Gold Prices Dip Slightly But Hold Weekly Gains Amid U.S.-Iran Ceasefire Hopes 
Huawei Expands Vietnam Presence Through Strategic Partnership with SHB Bank 
U.S. and Philippines to Build 4,000-Acre Tech Hub Under Pax Silica Initiative 
Indian Refiners Use Yuan via ICICI Bank to Pay for Iranian Oil Under U.S. Sanctions Waiver 
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.
