BioMarin to reduce global workforce by about 225 employees

Reuters

August 28, 2024 at 5:31 p.m.·1 min read

(Reuters) -BioMarin Pharmaceutical will reduce its global workforce by about 225 employees, a filing showed on Wednesday.

The decision comes in the wake of the company's updated strategy for its hemophilia gene therapy, Roctavian, and the discontinuation of its gene therapy BMN 293 development program.

Earlier this month, BioMarin said it will refocus Roctavian's commercial operations on three key markets: the United States, Germany, and Italy.

The workforce reduction is expected to be substantially completed by the end of 2024.

As of Dec. 31, the company had 3,401 employees.

The company estimates that it will incur aggregate pre-tax charges representing one-time cash expenditures for severance and other employee termination benefits of about $30 million to $35 million.

BioMarin expects to incur majority of the charges during the second half of the year.

In May, BioMarin said it would lay off about 170 employees, representing 5% of the global workforce.

(Reporting by Sriparna Roy in Bengaluru; Editing by Tasim Zahid and Maju Samuel)

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