Pfizer (NYSE:PFE) announced it is closing its facility in Sandwich, England, which employs about 2,400 people.
The pharmaceutical company said they'll shutter the site over a 18 to 24 month period.
With a number of patents running out at Pfizer, as well as other pharmaceutical companies, they are being forced to make cuts to prepare for the loss in revenue.
The Sandwich site is a research and development, and is a big disappointment to the British, who see it as a major setback for their scientific employment base.
The particular site has been responsible for important drug discoveries for Pfizer like Celsentri, Viagra, and Norvasc.
Pfizer said, of the approximate 2,400 workers, several hundred could possibly be transferred to other facilities.
Pfizer was trading at $19.22, gaining $1.00, or 5.49 percent, as of 12:45 PM EST.
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