Pharmaceutical group Merck Serono is moving out of its Geneva offices.

The closure of the company’s Geneva headquarters will mean the loss of 1,250 jobs—500 will be cut altogether and 750 will transferred to other sites within the first half of 2013.

The marketing, research and development departments will be downsized first.

Transfers will be made to Frankfurt, Boston and Beijing.

Another 80 jobs will be cut at Merk Serono’s manufacturing plants in the canton of vaud.

The sites will nevertheless remain operational.

According to the Tribune de Genève newspaper, Board President Karl Ludwig Kley congratulated staff last week after turnover surpassed the €10 billion mark, pushing shares up 20 percent.

The workers Union UNIA is meeting with Merk Serono management today.