CINCINNATI P & amp;G to cut about 300 jobs

The company will decide which jobs to cut by June 30.
CINCINNATI (AP) -- Procter & amp; Gamble Co. will eliminate some 300 jobs from its pharmaceuticals unit by this summer, the company said late Friday.
The majority of the cuts will come from the company's Health Care Research Center in suburban Mason, Ohio, with a few at facilities in New York, London and Toronto.
Tom Millikin, spokesman for P & amp;G Pharmaceutical and Personal Health Care, said the company is shifting strategy in its drug business.
It can take as long as 15 years for a company to discover and research a drug on its own and bring it to market, so P & amp;G is going to focus more on the faster process of buying and licensing drugs from other companies, Millikin said.
"This is a change in the business model," Millikin said.
Earlier this month, P & amp;G made a deal with Nastech Pharmaceutical of Bothell, Wash., to develop and market its nasal spray for treatment of osteoporosis. Terms of the agreement include a $10 million initial payment, with additional goal-based payments that could reach $577 million.
Millikin said that was a good example of P & amp;G's plans to make deals with other companies that have "terrifically promising compounds." He said there are some 4,400 biotechnology companies around the world.
P & amp;G's drug focus is in pharmaceuticals for muscles, bones, the digestive system and women's health. Its Actonel, an oral treatment for osteoporosis, has more than $1 billion in annual sales.
The company announced the plans Friday to employees, but didn't immediately specify which jobs would be cut, Millikin said. The cuts will be decided by June 30, including scientists, researchers and other technical positions.
The Mason research center employs 2,560 people.