Drugmaker’s Staff To Be Cut By 40 Percent, Will Move Headquarters From California
The decision comes months after a New York hedge fund shook up Depomed's leadership.
San Francisco Business Times:
Less Than A Year After Hedge Fund Coup, East Bay Drug Maker Cuts Jobs, Looks To Move HQ
A New York hedge fund that earlier this year flipped the board of Depomed Inc. and installed a new CEO to boost the company's value said Monday that it will cut 40 percent of its staff and move the drug company's headquarters out of California. The move is necessary, Depomed said in a Securities and Exchange Commission filing, because it is turning over sales of its best-selling pain drug, Nucynta, to Collegium Pharmaceutical Inc. and won't need as large of a workforce or as much space at its Newark headquarters. (Leuty, 12/4)