Bayer, the German multinational drug company, is to shed jobs in both Ireland and the UK as a direct result of the withdrawal of the anti-cholesterol drug Lipobay from the market in August.
A spokesman for the company, which employs nearly 300 people in Ireland, said the impact of the cuts in Ireland would be minimal with the majority of the 150 jobs cut to happen in the UK
Bayer withdrew Baycol/Lipobay (also known as cerivastatin) because of fears of what it called "a life-threatening side-effect" in August.
Reports that 480 people had suffered a serious muscle reaction to the drug world-wide and that more than 30 had died in the United States, caused concern in Ireland but as yet no reports of illnesses or reactions have been reported in Ireland to date and added the suspension was a precaution.
The company is currently undergoing a review of operations
Bayer was trading on the DAX at euro 30.70 at 2:15 up 0.25 cents