Less than a month after revealing pipeline cuts amid disappointing gene therapy sales, BioMarin is now downsizing its team.
The biotech said it will lay off about 170 workers worldwide after recent moves to trim its pipeline. At the end of last year, the California-based company had 807 R&D staffers globally out of a total of 3,400, which includes operations, sales and marketing.
According to a Tuesday SEC filing, the staff cuts would cost the company between $15 million and $20 million in severance and other termination benefits in the second quarter of the year. Most of the affected staffers were informed Tuesday and the layoffs will be finalized at the end of July.
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