Genzyme starts first phase of job cuts

CAMBRIDGE, Mass. (AP) - Biotechnology company Genzyme is cutting 392 positions as it starts the first phase of a plan to eliminate 1,000 by the end of next year.

The Cambridge, Massachusetts, company says it is cutting both filled and unfilled jobs at several locations, and it told affected employees on Thursday.

Genzyme Corp. says the cuts are part of a larger plan announced last May to reduce costs and make the company more efficient. The cuts exclude positions in its genetic testing and diagnostic products and pharmaceutical intermediates business units.

French drugmaker Sanofi-Aventis made a $69-per-share offer to buy Genzyme last July. But Genzyme has said that offer does not approach the company's real value.

Its shares are down 35 cents at $71.35 in morning trading.