Drug maker Pfizer is closing its Somerset County corporate Peapack campus and as a result will potentially lay off 791 employees on Feb. 12, 2024, according to a WARN notice from the New Jersey Department of Labor & Workforce Development.
As first reported by Fierce Pharma, Pfizer says a “vast majority” of the 791 Peapack workers could be relocated to the company’s New York City headquarters, while some will be reassigned to work at the company’s Parsippany site.
Pfizer said the WARN notice is required in the event any of those workers chose not to relocate, as their employment will be terminated. The number of employees who will not transfer is not presently known.
Earlier this month, the company announced a sweeping $3.5 billion cost-cutting initiative due to weaker sales of its COVID-19 vaccine and its coronavirus treatment than it had expected in 2023.
Pfizer has already cut jobs in Illinois and in Colorado. According to several other reporting outlets, the pharmaceutical giant is also planning to close two facilities in North Carolina.