Danish biopharmaceutical Novo Nordisk said Monday it will cut 9,000 jobs, or 11% of its workforce, in a new round of global restructuring, ABC reported.
The Novo Nordisk is aimed at streamlining organisations and speeding up decision-making at a time when the market for weight-loss drugs is becoming more competitive. Under the new restructuring, the Novo Nordisk expects to save DKK 8 billion (8.9 billion yuan) by the end of the 2026, which will be spent on diabetes and obesity, including research and development.
About 5,000 of the 78,400-strong Novo Nordisk are in Denmark. The company said the layoffs would begin immediately and affected employees would be notified in the coming months in accordance with local labor regulations.