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Merck Plans to Eliminate 8,500 Jobs

Merck & Company, taking a cue from other drug makers that have slashed research spending to prop up earnings, on Tuesday said it planned to cut annual operating costs by about $2.5 billion by the end of 2015 and eliminate 8,500 jobs.
By slimming itself down, Merck said it would be able to bolster its pipeline of experimental drugs, many of which have failed to win regulatory approval or suffered other setbacks in the past few years.