Uteron Pharma, a Belgian spin-out of Liège University, is facing the prospect of having to fire up to 30 employees. This would cut the company’s total staff in half.
The company had only been acquired by Actavis (then Watson Pharmaceuticals) in January 2013 for an upfront cash payment of $150m and a potential further $155m in milestone payments. Watson has since completed the change of its company brand to Actavis, following its acquisition of the eponymous group for €4.25bn ($7bn).
Actavis is looking at shutting down the entire research and development division of Uteron, which focuses on female healthcare and has created products ranging from hormonal IUDs to biochemical tests that increase the success rates of in vitro fertilisation.
Egidio Di Panfilo, secretary general of the workers’ union Setca Liège, said: “As part of the acquisition deal, Actavis committed itself to invest and develop activities of Uteron in Liège. We will contact the relevant directors, but also the minister of economy, Jean-Claude Marcourt, so we can ensure the American group will be held to its commitments.” [translated from French by Global University Venturing]
