Shire is relocating over 500 employees from Chesterbrook to Lexington, MA., which will become its U.S. headquarters.
The company said the transition will streamline global business between its two principal locations in Massachusetts and Switzerland, saving about $25 million annually beginning in 2016. Shire the change will also streamline collaboration and research and development.
“Chesterbrook, the greater Philadelphia area, and the talent of our employees based there have been instrumental to Shire’s growth and evolution,” said Flemming Ornskov, M.D., CEO. “We’ve made the decision to consolidate our U.S. operations in the Massachusetts area to streamline operations and drive further efficiencies in the way we run our business and serve patients. Shire has a great opportunity to combine our Chesterbrook and Lexington talent with the leading biotech resources in the Massachusetts area, and we consider ready access to these resources an important element in the future growth of our company.”
Employees will be moved in several phases beginning early in 2015 and the move will be complete by the first quarter of 2016. Employees who do not relocate will be offered severance, outplacement service and other employee assistance.
James Bowling, Interim CFO, will leave the company Feb. 28, and Jeff Poulton, head of Investor Relations, will assume the role of interim CFO in Massachusetts Jan. 1. Poulton has held leadership positions at Shire since joining the firm in 2003.
Shire is focused on developing and marketing innovative specialty medicines.