Novartis to cut 500 jobs in shutting U.S. Diovan plant

Novartis plans to axe around 500 jobs in shutting a U.S. plant that makes its blood pressure pill Diovan, marking the second reorganization of its operations in as many days. The decision to close the manufacturing site in Suffern, New York will affect 525 jobs, the company said in an emailed statement on Wednesday. The Basel-based firm attributed the closure to declining sales of Diovan, a best-selling drug that lost its patent rights in the United States in 2012, making it vulnerable to competition from cheaper, copycat drugs. "Changes in our current portfolio, namely the loss of exclusivity of Diovan, have significantly reduced the future production demand on the Suffern site," Novartis said.