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Mitsubishi Pharma Corp. will cut 1,200 jobs at the parent firm.

Under a new three-year business plan through March 31, 2007, the pharmaceutical firm will reduce the parent workforce to 4,000 by transferring 700 employees to group firms, and through attrition and retirement, it said Wednesday.

It said it might implement an early retirement program if necessary and promote structural reforms by taking such steps as spinning off domestic drug plants.

The company said it is aiming for a net profit of 15 billion yen and revenue of 240 billion yen in the fiscal year through March 31, 2007.

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