Pfizer cuts some more, closing R&D site in Singapore

As Pfizer ($PFE) continues to cut costs, it has just taken the ax to a clinical research facility in a market where others are beefing up: Singapore. Pfizer says it will close up shop at leased space at Raffles Hospital in Singapore in midyear and let go of about 30 staffers there. The drug giant is trying to trim another $1.3 billion from its R&D budget this year. It has been shaving its R&D operations for several years, FierceBiotech reports, and has cut other clinical research facilities, like its operation in Sandwich, U.K., and move of research away from Groton, CT. Other companies are building in Singapore, like Amgen ($AMGN). The biotech said last month that it would spend $200 million to build a manufacturing plant there. Story | More