Major Mass. pharma employer announces $2B in cuts. Here's how it could impact jobs

By Hannah Green • Published February 6, 2025 • Updated on February 7, 2025 at 3:13 pm

Drug giant Bristol Myers Squibb has agreed to acquire Boston drug developer Karuna Therapeutics Inc. in a deal valued at $14 billion, a 53% premium to the biotech’s previous market value. The Bristol Myers Squibb R&D building opened at Cambridge Crossing in 2022.

One of Massachusetts’ largest life sciences employers has set an even-higher goal for its cost-savings target, which will mean layoffs at the global pharma giant.

Bristol Myers Squibb said in its fourth quarter and full-year 2024 results on Thursday that it would expand its “existing strategic productivity initiative.” The company now wants to reach $2 billion in additional annualized cost savings by the end of 2027.

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