AMINEXT? IS THE HANDWRITING ON THE WALL AT ABBVIE (10/16/22)

SEPTEMBER 16, 2022 — 99 EMPLOYEE LAYOFFS IN IRVINE, CALIFORNIA

The company has announced that it will be laying off 99 employees at its Allergan manufacturing site located in Irvine, California. The layoffs will commence on November 23, 2022.

NOVEMBER 30, 2020 — WARREN BUFFETT TAKES A STAKE

According to a regulatory filing, Warren Buffett’s company Berkshire Hathaway has disclosed a $1.8 billion position in Abbvie.

JUNE 27, 2019…

Lake Bluff, Illinois-based United States AbbVie, a 2011 spin-off of Abbott Laboratories and a research-based pharmaceutical manufacturer, has announced its agreement to acquire Dublin, Ireland-based pharmaceutical manufacturer Allergan for approximately $63 billion. It is believed that AbbVie is preparing for the loss of patent-protected rheumatoid-arthritis treatment Humira to a generic versions now selling in Europe and which will enter the U.S. in 2023. Humira represents approximately 58.3% of AbbVie’s revenue in 2018.

The handwriting is on the wall. There will be personnel dislocations and reductions in force as duplicative functions are consolidated during a period of integration between the two companies. Even more serious will be the cost cutting necessary to compensate for the loss of billion-dollar profits caused by competitive biosimilar generic drugs.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? IS THE HANDWRITING ON THE WALL AT CRAY AND HEWLETT PACKARD ENTERPRISE?

The handwriting is clearly on the wall as San Jose, California Hewlett Packard Enterprise, the global enterprise-level computer technology company, has announced that it will be acquiring the iconic Cray supercomputer company based in Seattle, Washington-based for approximately $1.3 billion; subject of course to the normal and customary shareholder, regulatory, and other closing conditions. The acquisition is expected to close by the first quarter of HPE’s fiscal year 2020.

However, it appears that some major securities law firms are trolling for clients unhappy with the deal and are willing to allege that there were potential breaches of fiduciary duty and other violations of law by the Board of Directors of Cray Inc. in connection with the proposed acquisition of the Company.

According to HPE’s President and CEO Antonio Neri, “Answers to some of society’s most pressing challenges are buried in massive amounts of data. Only by processing and analyzing this data will we be able to unlock the answers to critical challenges across medicine, climate change, space and more. Cray is a global technology leader in supercomputing and shares our deep commitment to innovation. By combining our world-class teams and technology, we will have the opportunity to drive the next generation of high performance computing and play an important part in advancing the way people live and work.”

Neri went on to note, “We also expect to deliver significant cost synergies through efficiencies and by leveraging proprietary Cray technology, like the Slingshot interconnect, to lower costs and improve product performance.”

Efficiencies is a management and Wall Street code-word for eliminating redundant functions, departments, projects, and personnel. It is now time for employees to assess their value to the continuing enterprise programs and if their positions are duplicated within the combined enterprise.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?