Seroquel

Struggling drug company AstraZeneca has outlined a major restructuring of its business, including some 2,300 job cuts worldwide as it overhauls its research operations.

The cuts came only three days after the company axed 1,600 research positions, bringing the total number of cuts to more than 11,000 in the past 13 months. The new chief executive, Pascal Soriot, described the cuts as part of the company’s “unambiguous commitment” to concentrate on priority projects in the pipeline.

“As we focus, accelerate and transform our business we know that our success will ultimately be measured by the quality of execution,” he said in a statement. […]