Pharmaxis to cut jobs as part of restructure: Midday roundup

Pharmaxis will cut its workforce by about 30% and consolidate some operations as part of a company-wide restructure, the pharmaceutical company announced this morning on the ASX.

In a statement, the company said it would start reducing manufacturing operations in Australia. Staff numbers will be cut by 30% to 110 workers, with $12 million to be saved in annual expenses.

Shares in the company have fallen 13% to just 20 cents this morning after the announcement was made, at 10.30 AEST.

Chairman Malcolm McComas said in a statement 2013 would be a “year of restructure”.

“All areas of our activities have been reviewed and some hard decisions have been made,” he said.

Ten unveils new strategy

Hamish McLennan, the chief executive of Ten Network Holdings, has unveiled a new strategy for the company, according to The Australian.

The publication has reported Ten will focus on “event” programming, and start focusing on the 25-54 age demographic.

“We will always have the youthfulness of Channel Ten and an attitude that is unique to us, but we’re fair and square going after the 25 to 54-year-old demographic,” McLennan told the publication.

Virgin-Tiger takeover deal approved

The Foreign Investment Review Board has approved the proposed takeover of Tiger Airways by Virgin Holdings Australia.

Virgin said in a statement it welcomed the decision, stating it could now “access the budget market segment and expedite the growth of Tiger Australia”.

The deal had already been approved by the Australian Competition and Consumer Commission.

Shares up slightly on open

The Australian sharemarket has opened slightly higher this morning, as Japanese markets recover from steep losses.

The S&P/ASX200 benchmark was up 12.8 points at midday to 4972.7.

The Australian dollar has been largely unchanged this morning, trading at around US96 cents, with the United States and Britain on holidays yesterday.