More Layoffs: GSK Completes Purchase of Genelabs Technologies, Inc.
GlaxoSmithKline announced late last fall that it would acquire California-based Genelabs for $57 million in cash. The deal closed yesterday and the exodus began today.
According to sources at the company, Genelabs employees will be offered a week of severance pay for each year of service. Genelabs executives and employees have been given pink slips.
By purchasing Genelabs, GSK establishes a presence on the West Coast. Also, it will strengthen its effort to develop therapies against the hepatitis C virus. Genelabs will become part of Glaxo’s drug discovery organization and its hepatitis C virus program.
Luckily for former Genelabs employees, California biotechnology companies are still hiring.
Until next time…
Good Luck and Good Job Hunting!!!!!!
