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Shire will establish its US operational headquarters in Massachusetts and relocate staff from Pennsylvania.
Shire plans to relocate more than 500 positions to Massachusetts from its Chesterbrook, Pennsylvania, site and establish Lexington, Massachusetts, as the company’s US operational headquarters. The transition is a continuation of the company’s "One Shire" efficiency program and will streamline business globally through two principal locations-Massachusetts and Switzerland-with support from a limited number of regional and country-based offices around the world.
The company believes that simplifying operations in two principal locations will increase efficiencies, and Shire expects to realize approximately $25 million in annual savings beginning in 2016. This site strategy will also enable greater alignment and execution of priorities between the company’s commercial and R&D teams to more effectively bring innovative products to patients, as well as strengthen collaboration and cross-development of employees, the company said in a press release. Shire plans to move employees in several phases beginning in the first quarter of 2015 and targets completion by the first quarter of 2016.
"Shire has a great opportunity to combine our Chesterbrook and Lexington talent with the leading biotech resources in the Massachusetts area, and we consider ready access to these resources an important element in the future growth of our company,” said CEO Flemming Ornskov, MD, in the press release.
As previously announced, interim CFO James Bowling will be leaving Shire. Jeff Poulton, head of investor relations, will assume the role of interim CFO effective January 1, 2015. The CFO position will be based in Lexington.