NEW HAVEN, Conn. (CBS Connecticut and AP) – Alexion Pharmaceuticals Inc. has announced this it is relocating its headquarters from New Haven, Connecticut to Boston.

In what it calls a plan to “re-align the global organization with its refocused corporate strategy,” the company also announced Tuesday it is cutting 20 percent of its workforce.

The company said about 400 jobs will move to Boston by the middle of next year. The company will maintain a research and development center in New Haven with about 450 employees.

Alexion said the moves are expected to save about $270 million annually, and allow the reinvestment of about $100 million a year into research and development.

Chief Executive Officer Ludwig Hantson says the moves “will create a leaner organization with greater financial flexibility.”

Alexion developed Soliris, a high-priced treatment for two rare genetic disorders.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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