StockMarketWire.com - Actelion Pharmaceuticals has reached a deal with employee representatives over a cost-saving package which will result in the loss of a maximum of 40 jobs in Switzerland.

The initial expectation was up to 70 redundancies at Actelion's headquarters.

The deal also includes severance payments, early retirement packages, out-placement support as well as additional benefits.

The cost saving initiative is an integral part of Actelion strategy for value creation outlined in early May.

The initiative will ensure that the company can fully capitalise on the significant growth opportunities in its core area of expertise of pulmonary arterial hypertension.

Cost savings will start to take effect in the latter part of this year and accelerate in 2013.

In total the cost saving initiative will result in a reduction of 135 positions globally, including 115 positions at Actelion's headquarters.

Actelion also confirmed its July guidance of core earnings to grow in the mid single-digit percentage range for 2012.

This guidance excludes any impact from movements in provisions relating to receivables in southern Europe.

In May, the company had guided for no 2012 core earnings growth.



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