Celgene Layoffs to be Massive!!!

BMS will aggressively cut costs (read: headcount ) to help pay for the 74B it payed out for our company.

Been through this twice. End of this year at latest.

Good luck everyone

 

BMS doesn’t have dermatology reps. We should be fine there.

 

Oh man, I feel bad for the Celgene folks - a lot of people saw this coming. This ultimately will mean significant layoffs and more job losses in NJ, which is already a mess. Nothing good comes from these acquisitions.

How many 10's of thousands of people ultimately lost their jobs when Shering bought Organon, then Merck bought Schering? The net result for Merck - not much at all, they are still laying off to this day.

 

Gonna be HUGE

 

well deserved for some! I do feel bad for a few people. too bad that market access will be cut. Same with Patient Support. Good people that will be looking for a new job.

 

Does Bristol Meyers have a significant size rheumatology specialty sales force?

 

ZS associates guy here who is called in during reorganization and M & A efforts. To be clear, I'm not involved/contracted for this deal.

I can tell you in other deals I've done there is a common theme affecting the acquired:

Managed care teams first to go
Research last to go
Field employees (managers,reps,other) with a base salary 150k or higher first to go.
Buildings/material assets take 1.5 years to shop off.
Companies try to seal the deal quick as they know employees will fart around. You can bet deal is done 2q not 3q. They must provide a mass layoff [WARN] act 60 days prior to your last day.

Tip- if you feel you are at risk and get an offer elsewhere, don't deny and wait for severence. Accept the job, call HR and ask for an "accelerated separation agreement". You can still get the other job and your severence. Believe me, they want people off the books voluntarily, call it hush money.

Feel free to post any questions....and to clear up rumors, Merck let 72% of SP employees go in that deal.

If you stay on, read your benefits wisely! Legacy BMS reps will have their same modeling and you might have a post merger version B which is not the same.

Read the fine print, not here on CP but from your HR department.

Good luck, you will get through this.

 

But Mark said at the Townhall today that most people will be retained.

He promised that we all will keep our salaries and benefits.

What are you talking about?????????

 

“He promised” was the 1st lie

 

All promises are oral. Just ask Mark to put that in writing and see what he says.

 

Best honest post yet...thank you!

 

Yep it’s oral allright. Employees on the giving end Celgene board on the receiving end. Hope your gag reflex is under control. Some people are gonna be squirting baby batter out their noses.

 

Best post yet...thank you!

 

But I have the recorded version. So I will use it as proof

 

if you are in sales and good at your job you shouldn’t worry about losing it, you should worry about being retained and having to work under BMY leadershiT. Not a typo!

 

You seriously need to look at the Q&A sheet we were sent and realize it states "until closing", your base, commission and benefits will stay the same. Nothing in there about AFTER merger!

 

well at least Mark is covered-


Celgene CEO Mark Alles will be eligible for a severance benefit that would be three times his annual salary and cash incentive opportunity.

The company is yet to disclose his 2018 compensation.

If the termination or resignation is not connected to the deal closing, the severance payment would be 1.5 times the officer's salary, or two times in Alles' case, and would include cash incentive opportunity, Celgene said.

 

those in Summit are toast! A few will survive but the majority will be on the street! First to go will be Mkt Access, project mgt teams, HR, IT, all teams managing data and so many other non essential / duplicate positions that BMS has!

 

Just wait until BMS HR takes a look at the salaries for managers & reps. Then they will look at resumes filled with PE degrees from crappy kolleges. Game over!