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Pfizer To Shut Cambridge Site: 120 Jobs May Go

(c) Sky News 2015

Drugs giant Pfizer (NYSE: PFE - news) is planning to shut a key research site with the loss of up to 120 jobs.

Pfizer said the closure of its Neusentis facility at Granta Park in Cambridge is part of a bigger decision to reduce investment in pain therapy research.

In a statement, the Viagra maker confirmed it has entered into consultation with employees at the centre about the closure.

It (Other OTC: ITGL - news) said: "Scientific research is a complex endeavour, with a lot of inherent risk and failure.

"Difficult decisions need to be made even in areas where we had hope for meaningful progress.

"However, we will continue to make investments in the most promising areas of scientific innovation in the UK and elsewhere around the world.

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"Site closures are never easy. During this period, Pfizer’s priority is to support the 120 colleagues who may be affected."

Pfizer will still have a presence in the university town through its Device Centre of Excellence, which employs around 30 people developing devices such as injectors and inhalers.

The closure of the Neusentis unit comes less than two years after New York-based Pfizer's £69bn attempt to take over rival AstraZeneca was spurned by the UK-based firm.

Pfizer tried to win support for the controversial deal by pledging to build a scientific research hub in Cambridge.

It said a research unit in Cambridge would be part of its "commitment to R&D in the UK and around the globe".

The bid was rejected by AstraZeneca (NYSE: AZN - news) , which is now building its own global headquarters in Cambridge.

In November Pfizer and Allergan (Berlin: 28551749.BE - news) - the firm behind Botox - announced they would merge in what would be the biggest healthcare deal in history.

The $160bn (£106bn) takeover of Allergen - the third biggest corporate deal of all time - is controversial because it will be the biggest ever "inversion" deal.

This means that Pfizer's tax domicile relocates offshore, thereby taking advantage of Ireland (Other OTC: IRLD - news) 's much lower corporate tax regime.