Pfizer to cut 300 jobs, end drug research for Parkinson's and Alzheimer's

Pfizer will end research into treatments for Alzheimer's and Parkinson's disease, resulting in the elimination of 300 positions at the company's Massachusetts facilities in Andover and Cambridge, and its Connecticut facility in Groton, reports The Wall Street Journal.

The layoffs, which will occur over the next few months, come as Pfizer seeks to reorganize its research budget.

"This was an exercise to reallocate [spending] across our portfolio, to focus on those areas where our pipeline, and our scientific expertise, is strongest," Pfizer said in a statement cited by Reuters.

Pfizer made large investments in research for Parkinson's and Alzheimer's drugs over the past few years with little success. The drugmaker halted development of an experimental Alzheimer's drug in 2012 after patients showed little improvement in second round clinical trials, according to Reuters.

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