Medicines to cut 10% of staff, close Indiana site

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The Medicines Company , makers of bivalirudin (Angiomax), will close its Indianapolis worksite and slash 10 percent of its overall jobs, leaving 31 employed, according to a Securities and Exchange Commission filing.

The proposed staffing cuts would provide the company with an annual cost savings of $6.5 millionĀ  to $7.5 million beginning in the first quarter of 2010.

According to Parsippany, N.J.-based Medicines, jobless employees are eligible to receive reduction payments, earned 2009 bonuses and paid healthcare coverage for six months, as well as receive reimbursement for use of outplacement services.

Reportedly, the cutback will provide the company with a one-time expenditure of almost $4 million, $3 million of which will be used towards employee severance arrangements and $1 million towards the closing and consolidation of its Indianapolis site.