200+ Layoffs Scheduled at Alexion Pharmaceuticals

NEW HAVEN, CT — Alexion Pharmaceuticals plans to lay off 210 people as part of a company restructuring.

The company is based in New Haven and has other facilities in Rhode Island and Massachusetts along with a global government affairs office in Washington, D.C., according to NBC Connecticut. It specializes in creating drugs for rare diseases.

The number of layoffs is about seven percent of the 3,000 person workforce across the country, according to the New Haven Register.

Alexion took state incentives when it returned to New Haven as part of the First Five economic development program.

The State of Connecticut provided Alexion with up to $51 million in assistance through the First Five program. It included a $6 million grant to help construct its laboratory in New Haven, tax credits of up to $25 million and a 10-year loan of $20 million at a rate of 1% with principal and interest deferred for five years. Between $16 and $20 million of the loan was forgivable if the company created 200-300 full-time jobs.

Alexion has had a number of challenges this past year. In December the CEO and CFO left the company amid allegations into shady sales practices.

Company founder Leonard Bell announced plans to retire in May after 25 years with the company. He will leave his position as chairman of the board and a director. He retired from his CEO position in 2015.

The company's stock was trading at $122.03 Wednesday afternoon.

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