From Glaxo to Parexel—and now, unemployed
- As many as 200 former GlaxoSmithKline (GSK) workers, who were transferred to Parexel in February, are reportedly losing their jobs.
- Parexel, which provides clinical trial support and other life-science support services, has not commented on the layoffs.
- The layoffs, which will include a total of roughly 850 workers, were announced by Parexel's CEO Josef von Rickenbach in June and will cost Parexel an estimated $60 million.
Although the goal was to keep the transferred former-GSK employees employed by transferring them to Paraxel, layoffs at the latter firm started on Wednesday. Like GSK, Parexel is aiming to cut costs in what they are calling a "Margin Acceleration Program."
All of the jobs involved are in Research Triangle Park, NC. And there are several companies that are currently undertaking large layoffs in order to save money, including GSK, Hospira (post-Pfizer), Salix (post-Valeant), and Merck.
Parexel has highlighted its commitment to solid revenue growth going forward, with a target operating margin of 13% to 15%—a revision from 12% to 14%.