Drug maker Merck announced Tuesday it will lay off thousands of employees as it streamlines its research and development and other functions.
In a news release, the company says the job cuts of about 8,500 are part of "a global initiative to sharpen its commercial and research and development (R&D) focus."
Merck, based in Whitehouse Station, N.J., expects to save about $2.5 billion in annual net costs by the end of 2015. It expects to realize $1 billion of those savings by the end of realized by the end of 2014.
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