The pharmaceutical manufacturing industry employs more than 3.4 million Americans and is one of the most profitable industries in the country.
The United States has been experiencing a job crunch and a shortage of workers, with many manufacturing plants shuttered.
But for pharmaceuticals makers like Roche Holding Plc, that’s not enough.
The company has been shedding jobs, leaving many to look for new ways to make money.
Roche has announced it is considering a $7 billion plan to buy back its manufacturing assets, according to a filing with the Securities and Exchange Commission.
Its board approved the plan Wednesday.
In addition to a $4.5 billion deal to buy up about 6 percent of its assets, Roche has also committed to buy a minority stake in the U.S. Biotechnology Industry Organization (BIO), the industry’s trade group.
The Biotechnology Information Network, a group of the industry that represents companies that manufacture or sell medicines, has been in discussions with Roche about buying Biotechnology, according.
Rocke’s plans are the latest moves by the company to cut jobs.
Last week, the company announced it was cutting a third of its workforce and laying off workers.
Rochers CEO Martin Shkreli, a former hedge fund manager, announced he was stepping down on Nov. 11.
He was charged with securities fraud and wire fraud and pleaded guilty in February.