Novartis confirms closure of Horsham R&D facility

|About: Novartis AG (NVS)|By:, SA News Editor

Novartis (NVS) has confirmed fears that it will shut its R&D facility in Horsham in southern England by the end of June.

The plant employs 400 staffers and 170 consultants.

The closure is part of Novartis' global reorganization as it concentrates more of its R&D around three major hubs: Basel, Boston and Shanghai.

There could be more to come, as CEO Joe Jimenez recently told analysts that there was room to cut the company's $7B budget.