GSK to cut 350 employees

LONDON GlaxoSmithKline will lay off about 350 employees as part of a restructuring.

GSK’s workforce comprises about 17,000 people. The company hopes that the restructuring will allow it to continue to compete as the pharmaceutical industry has faced reduce sales, increased competition from generic drug manufacturers and fewer returns on research spending.

The layoffs will affect three sites in the U.S.: Research Triangle Park, in North Carolina, Upper Providence, in Collegeville, Pa., and Upper Merion in King of Prussia, Pa.