AstraZeneca to cut 1,600 jobs

The move will lead to $1.4 bn in costs; company to shift its headquarters to Cambridge from London

AstraZeneca Plc will cut 1,600 jobs as it overhauls research and development, leading to $1.4 billion in costs.

AstraZeneca will focus research at three sites - Cambridge, England, Gaithersburg, Maryland, in the US and Moelndal, Sweden, the company said in a statement on Monday. The company will move its corporate headquarters to Cambridge from London.

Pascal Soriot, named chief executive officer last year after a series of drug-development setbacks, plans to brief investors March 21 on his strategy for the company.

The restructuring will lead to $1.4 billion in one-time charges, of which $800 million will be cash expenses, the company said.