Takeda Announces 641 Layoffs in Massachusetts Amid $900 Million Restructuring Campaign

1. Layoffs: Takeda plans to cut 641 jobs at two sites in Massachusetts: 495 at its U.S. headquarters in Cambridge and 146 at its Lexington campus.
2. Restructuring Campaign: The layoffs are part of a $900 million multi-year restructuring plan aimed at improving the company's core operating profit margin.
3. Timeline: The staffing changes will begin in early July and end in March 2025, marking the end of Takeda's current fiscal year.
4. Support for Impacted Employees: Takeda is committed to supporting affected employees, including assistance to identify new opportunities within the company and transition resources.
5. Reason for Restructuring: The move is driven by declining profits, particularly due to the impact of generics on sales of Vyvanse, a blockbuster ADHD medication.
6. Other Restructuring Measures: Takeda has also scrapped pipeline programs, closed a San Diego research site, and cut 200 staffers at an AAV gene therapy plant in Austria.
7. Impact on Massachusetts: Despite the layoffs, Takeda remains confident it will maintain its position as the largest life sciences employer in Massachusetts, with Cambridge continuing to serve as its global hub.