Swiss pharmaceutical giant Novartis (NYSE:AVS) has announced its decision to shut down German biotech company Morphosys, a move that will impact 330 jobs, according to a report by German news outlet WirtschaftsWoche on Thursday.
The closure follows Novartis’ acquisition of Morphosys earlier this year.
Novartis reportedly plans to close Morphosys’ sites in Germany and the United States by the end of 2025, consolidating all portfolio activities under the Novartis umbrella.
The decision was made in November 2024 as part of the company’s integration strategy.
"In November 2024, we made the decision to close the Morphosys sites in Germany and the U.S. by the end of 2025 and to integrate all portfolio activities into Novartis," WirtschaftsWoche quoted the company as saying.
Novartis has not yet responded to a request for comment from Reuters.
The closure reflects the ongoing trend of restructuring in the pharmaceutical industry as companies streamline operations to improve efficiency.