ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
Rio Tinto Raises 2025 Copper Output Outlook as Oyu Tolgoi Expansion Accelerates 
EU Prepares Antitrust Probe Into Meta’s AI Integration on WhatsApp 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Sam Altman Reportedly Explored Funding for Rocket Venture in Potential Challenge to SpaceX 
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback 
Anthropic Reportedly Taps Wilson Sonsini as It Prepares for a Potential 2026 IPO 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
GM Issues Recall for 2026 Chevrolet Silverado Trucks Over Missing Owner Manuals 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation 
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.
