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  #21  
Old 24.04.2012, 12:59
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Re: Merck Serono layoffs

Sorry to hear that Anjela, as someone who works (sorta) in the same industry I feel your pain. *hug*
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  #22  
Old 24.04.2012, 13:04
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Re: Merck Serono layoffs

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Been semi-expecting it I think, but the whole place going is a huge shock. Déjà-vu again after what happened with Glaxo.

Just starting to hit home and after the terrible end of year we'd just had (lost both in-laws with a month of each other) we had been hoping for a better start to this one!

I'd like to comfort eat but my doctor would kill me! Doomed.....
You mean production or the whole administrative set up in Geneva is leaving ?
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  #23  
Old 24.04.2012, 13:15
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Re: Merck Serono layoffs

The whole of the Geneva set-up is closing by the end of the year.
Production in Vevey is continuing I believe but will be streamlined.
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  #24  
Old 24.04.2012, 13:17
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Re: Merck Serono layoffs

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One of the problems has been the exchange rate, and not enough new products coming through that are anything like ready for the commercial market. When push came to shove the german unions were a lot stronger than the swiss government so as something had to give, it was us.
Really not meaning to be rude or anything (because this is really bad news for the entire Lake-Geneva-Region "pharma cluster" and affecting a hell lot of people outside MS as well), but... isn't that a huge euphemism?

Basically, my understanding was that once that Cladribin went down the drain, MS was basically caught with their pants down?
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  #25  
Old 24.04.2012, 13:17
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Re: Merck Serono layoffs

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no GVA .. he/she was a regular member... was still a member as of this morning I think.. and I thought the old suicide pill that was issued over terms and conditions had expired.

yes I was wondering also if he/she was affected by Merck
That's what I'd thought, I normally notice if a poster is a 'guest' and wonder what they'd done to deserve it!
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  #26  
Old 24.04.2012, 13:23
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Re: Merck Serono layoffs

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Really not meaning to be rude or anything (because this is really bad news for the entire Lake-Geneva-Region "pharma cluster" and affecting a hell lot of people outside MS as well), but... isn't that a huge euphemism?

Basically, my understanding was that once that Cladribin went down the drain, MS was basically caught with their pants down?
Not quite sure what you mean by 'euphemism'. The only money making product they have on the markez is Rebif, which I think comes out of patent quite soon and there's nothing anywhere close to testing (let alone marketing) that can replace it. Things are there, but won't be salable for years. So instead of continuing with the research they're pulling the plug on everyone.
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  #27  
Old 24.04.2012, 13:30
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Re: Merck Serono layoffs

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Both! Paid something like 20% to share-holders (who are mostly family mmbers I think), plus reasonable work-place bonuses a few weeks ago.
Merck is a listed company, and the dividend payout equates to about 1.8%. Top holders aren't family.

Exchange rate, (too) high salaries, excessive real estate prices (10k CHF / sqm in Rolle... no, really?!) will slowly take their toll. This is just the beginning. Louis Dreyfus is leaving as well (albeit less officially).
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  #28  
Old 24.04.2012, 13:33
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Re: Merck Serono layoffs

They were our clients till last year, not the best ones but I'd never wish anything like this to anyone!
Tough times ahead....
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  #29  
Old 24.04.2012, 14:01
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Re: Merck Serono layoffs

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..., excessive real estate prices (10k CHF / sqm in Rolle... no, really?!) will slowly take their toll.
First, thoughts go out to you Anjela and anyone else affected by this.

But I find it quite bizarre that they must have invested millions if not billions in totally re-doing the Geneve Secheron site over the past few years, even still ripping and rebuilding as of last fall I believe. Now you have a whole brand new campus of prime GVA realestate that will be a ghosttown. Converting it to housing would be too logical for Geneva authorities though I believe.
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  #30  
Old 24.04.2012, 14:11
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Re: Merck Serono layoffs

Wow Anjela I'm really sorry to hear this. We've been there and done that (more than once too) also in pharma so know what you're going through.

Have a stiff drink on me too. (and sod doctor's orders for today)

gva is a bit of a mystery. He/she had been pretty active recently.
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  #31  
Old 24.04.2012, 14:20
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Re: Merck Serono layoffs

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Merck is a listed company, and the dividend payout equates to about 1.8%. Top holders aren't family.

Exchange rate, (too) high salaries, excessive real estate prices (10k CHF / sqm in Rolle... no, really?!) will slowly take their toll. This is just the beginning. Louis Dreyfus is leaving as well (albeit less officially).
If you say so, I don't know enough about it to do more than repeat what I've read in company newsletters.
But as the wife of a foot soldier I take exception to the (too) high salaries bit, it certainly isn't the case for a lot of us!
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  #32  
Old 24.04.2012, 14:25
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Re: Merck Serono layoffs

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If you say so, I don't know enough about it to do more than repeat what I've read in company newsletters.
But as the wife of a foot soldier I take exception to the (too) high salaries bit, it certainly isn't the case for a lot of us!
I meant it from the company viewpoint. You can hire a plain vanilla graduate in Geneva for 4'500 EUR - neighboring France or Germany you get someone out of the top schools for maybe half that. Same for real estate. At the end of the day it adds up and cannot last forever until the bean-counters notice it.
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  #33  
Old 24.04.2012, 14:27
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Re: Merck Serono layoffs

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First, thoughts go out to you Anjela and anyone else affected by this.

But I find it quite bizarre that they must have invested millions if not billions in totally re-doing the Geneve Secheron site over the past few years, even still ripping and rebuilding as of last fall I believe. Now you have a whole brand new campus of prime GVA realestate that will be a ghosttown. Converting it to housing would be too logical for Geneva authorities though I believe.
A lot of the re-doing (as far as the original building is concerned) has been repair work to what was an experimental/environmental building in the first place.
There's been a lot of expansion into other preserved and renovated buildings on site and there's a huge hole by the entrance to the underground carpark that's supposed to be new office space or labs. The original building isn't suitable for converting to housing, large parts of it aren't really suitable for offices either as it was custom designed for laboratories.
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Old 24.04.2012, 15:25
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Merck Serono drops Geneva bombshell

Biotech company Merck Serono is planning to close its Geneva headquarters in a move that will affect 1,250 jobs. Full details of the development are reported by journalist Malcolm Curtis.
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  #35  
Old 24.04.2012, 16:00
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Re: Merck Serono layoffs

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I meant it from the company viewpoint. You can hire a plain vanilla graduate in Geneva for 4'500 EUR - neighboring France or Germany you get someone out of the top schools for maybe half that. Same for real estate. At the end of the day it adds up and cannot last forever until the bean-counters notice it.

Hasn't this always been the case?
I thought it's a mixed calculation anyway: you pay much more for staff, rent (maybe a little less into the social network, due to the different cost-structure compared to Germany or France) and you get HUGE tax-writeoffs in the markets you actually sell the products in by having the other subsidiaries "buy" or "license" stuff from the Swiss branch at astronomical prices.
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  #36  
Old 24.04.2012, 16:54
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Re: Merck Serono layoffs - up to 900 redundancies in Geneva

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Any of you affected by this?

http://www.tdg.ch/economie/entrepris...story/20606493

up to 900 redundancies...

And gva has turned into a guest very suddenly. That was quick!
Were you instrumental in that dreadful decision? Or a victim?

Last edited by Odile; 24.04.2012 at 17:37.
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  #37  
Old 24.04.2012, 17:00
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Re: Merck Serono layoffs - up to 900 redundancies in Geneva

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And gva has turned into a guest very suddenly. That was quick!
Where you instrumental in that dreadful decision? Or a victim?
I think he was a victim as he mentioned somewhere else that his employment was not stable. Most probably reacted badly to the news even though he knew there was a high prospect of this happening.
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  #38  
Old 24.04.2012, 17:15
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Re: Merck Serono layoffs - up to 900 redundancies in Geneva

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I think he was a victim as he mentioned somewhere else that his employment was not stable. Most probably reacted badly to the news even though he knew there was a high prospect of this happening.
maybe the news resulted in a localised house price crash and he's gone off to buy a house?
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  #39  
Old 24.04.2012, 17:19
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Re: Merck Serono layoffs

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Hasn't this always been the case?
I thought it's a mixed calculation anyway: you pay much more for staff, rent (maybe a little less into the social network, due to the different cost-structure compared to Germany or France) and you get HUGE tax-writeoffs in the markets you actually sell the products in by having the other subsidiaries "buy" or "license" stuff from the Swiss branch at astronomical prices.
Yep, except the Swiss branch doesn't have anything left to "license" or "sell".
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  #40  
Old 24.04.2012, 17:41
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Re: Merck Serono layoffs

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So instead of continuing with the research they're pulling the plug on everyone.
On everyone yes, on research not.
Trend in big Pharma: Joint Venture with (or buy) smaller & leaner researchers.
More bang for the buck with independent research.
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