Cangene to cut 17 percent of workforce

Thu Jan 5, 2012 6:17pm EST
 
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(Reuters) - Canada's Cangene Corp CNJ.TO said it will cut 120 positions, about 17 percent of its workforce, and save $6 million to $7 million per year.

The financial impact of the cuts is expected to be neutral in current fiscal year with the cost savings being offset by severance costs, the biopharmaceutical company said in a statement.

The company also appointed Gary Floyd as chief operating officer.

Shares of the company closed at C$2.04 on Thursday on the Toronto stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Don Sebastian)