AstraZeneca may have found its £330m Cambridge home

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AstraZeneca may have found its new Cambridge home as it relocates its global headquarters to the university city, reports Reuters. The move comes amid a restructuring of the firm that will see staff losses of 2,300. With plans for completion by 2016, the new headquarters should cost about £330m.

The latest cutbacks mean the group will shed around a tenth of its workforce, or 5,050 jobs, by 2016 as expiring drug patents shrink sales and it faces generic competition on several top-selling medicines.

The restructuring will result in one-time costs of $2.3bn (£1.5bn), but the firm said it should yield benefits of $800m a year by 2016.

Pascal Soriot, appointed from Roche last autumn, said he had no quick fix for the company and ruled out the idea of diversifying away from prescription drugs, as several rivals have done.

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