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Goodyear Tire to cut around 1,200 jobs in restructuring drive

The decision comes after activist investor Elliott Investment Management in May criticized Goodyear for mismanagement and lagging behind rivals Michelin and Bridgestone. Elliott, which holds a 10% stake in the tire company, had also pushed Goodyear for an operational review and sale of its stores. The restructuring will result in "significant" savings from 2024 till 2025 and comes as the company seeks to streamline its business and improve its cost structure, Goodyear said on Friday. ....

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Sage Therapeutics to cut about 188 jobs after depression drug setback

The U.S. Food and Drug Administration (FDA) in early August approved the company and partner Biogen's pill for postpartum depression (PDD), but rejected it as a treatment for clinical depression, which is a much larger market. Sage said the job cuts, which are part of a reorganization plan, will help it launch the drug for women with PDD and also position the company for long-term growth. As part of the reorganization, Sage said its Chief Scientific Officer Al Robichaud will leave the company and will be replaced by Mark Quirk, senior vice president of discovery research. ....

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Drugmaker Mallinckrodt files for second bankruptcy in US

Drugmaker Mallinckrodt on Monday filed for its second bankruptcy in three years in the United States, with a restructuring plan that would cut $1 billion from what it owes to victims of the opioid crisis. The New York Stock Exchange said it has suspended trading in Mallinckrodt's ordinary shares with immediate effect and has commenced proceedings to delist them from the exchange. Mallinckrodt, which makes both branded and generic drugs, had first filed for bankruptcy in 2020 to address its high debt load, litigation over its marketing of highly addictive generic opioids and disputes over its drug pricing. ....

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