NEW YORK (TheStreet) -- Biogen Idec ( BIIB ) said it will cut its workforce by about 13%, resulting in a savings of about $300 million.

Biogen said it's trying to improve the efficiency of its management system by combining its business development, venture development and corporate strategy divisions into a new "Corporate Development Group, for which a head is currently being sought."

The company said the layoffs are part of a larger plan to "increase focus and efficiency and leverage the company's strengths to provide a solid framework for growth."

Other aspects of the plan include a sharpened focus on neurology and "high-impact" biological therapies, the termination of its cardiovascular medicine pursuits, spinning out or licensing out its oncology assets and shuttering its facilities in San Diego.

Biogen's eastern Massachusetts operations will be consolidated at existing Cambridge and Weston facilities.

"Biogen Idec will be better off as a result of these actions," the company's CEO George Scangos said in a press release.

-- Written by Andrea Tse in New York.

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