Updated from 5:58 a.m. EST
LONDON -- Pharmaceutical company
AstraZeneca(AZN Quote - Cramer on AZN - Stock Picks) said Thursday it plans to close three plants in Spain, Belgium and Sweden and cut 1,400 jobs in Europe by 2013 to improve efficiency and expand investment in Asia to serve the growing market there.
AstraZeneca said it is investing in its Wuxi plant in China to turn the plant into its packaging center for the entire Asia Pacific region.
"It moves the supply process closer to the customer, responding to their requirements and improving the security of the product wherever it is bought," said David Smith, the company's executive vice president of operations.
Last month, AstraZeneca posted a 29% rise in third quarter net profit to $1.73 billion as strong sales in emerging markets like China helped offset flat demand for its products in the U.S. Sales in China alone soared 35%.
Separately, AstraZeneca said it has been granted a temporary restraining order in a U.S. court to halt the launch of a generic version of its child asthma medication Pulmicort Respules by rival
Teva Pharmaceutical (TEVA Quote - Cramer on TEVA - Stock Picks).
Israeli-based Teva had begun shipments of Pulmicort Respules on Wednesday after it received approval from the U.S. Food and Drug Administration for the generic launch, despite an ongoing patent infringement case brought by AstraZeneca.
The temporary order sought -- and gained -- by AstraZeneca in the U.S. District Court in New Jersey means that Teva must suspend supplies and sales of its product until a further hearing Nov. 25. It also requires that AstraZeneca suspend distribution of its own generic product with
Par Pharmaceutical(PRX Quote - Cramer on PRX - Stock Picks), which it launched on Tuesday to counter Teva's move.
A full hearing on the patent infringement case is due to begin on Jan. 12.
The Associated Press
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