The new chief executive of French pharmaceutical giant Sanofi, which employs about 750 people in Chattanooga, is calling for trimming fat and focusing on high-margin medicines, according to Bloomberg.
Under CEO Paul Hudson, Sanofi plans to stop investing in heart and diabetes research while focusing on other areas including cancer and rare diseases, Bloomberg said. Also, it said the company’s consumer unit will become a stand-alone business.
On Monday, Sanofi announced the acquisition of cancer startup Synthorx Inc. for $2.5 billion.
Sanofi, which purchased long-time Chattanooga company Chattem in 2010, announced about a year ago it was cutting 160 jobs in the city. It said it was moving marketing, sales, research and development and some support functions to New Jersey as it restructured its consumer health care business there.
Still, the company known for such popular brands as Allegra, Gold Bond and Icy Hot has kept its manufacturing presence in the city.