Sumitomo Pharma to cut 400 jobs at U.S. subsidiary

TOKYO -- Sumitomo Pharma will lay off about 400 employees at its U.S. subsidiary in March, the company announced on Monday, on slow sales and the end of the exclusivity period for its schizophrenia drug Latuda.

The layoffs -- equivalent to approximately 20% of the subsidiary's workforce -- come after the company cut about 500 jobs there last July. Sumitomo Pharma said that sales growth for three of its key products, including a treatment for prostate cancer, had not reached projected targets.