By Sabela Ojea
Adaptimmune Therapeutics said it is reducing its workforce by 33% to create a leaner company that would spend less money than it makes in 2027.
The clinical-stage biopharmaceutical company on Wednesday said the workforce reduction, expected in the first quarter of 2025, is part of a plan to reach about $300 million in cost savings over the next four years.
The round of layoffs would affect nearly 150 employees. Adaptimmune Therapeutics had 449 employees as of Dec. 31, 2023, according to its annual filing with the Securities and Exchange Commission.
The restructuring, expected to reduce operating costs by about 25% in the first year, will lead to a prioritization of the commercial sarcoma franchise and research and development programs.
The company will also cease enrollment in the SURPASS-3 Phase 2 clinical trial, investigating uza-cel for the treatment of platinum-resistant ovarian cancer.
"With these actions we have a clear path to operating breakeven during 2027," Chief Executive Adrian Rawcliffe said, adding that the company has increased confidence in its $400 million peak year sales estimate for the combined sarcoma franchise.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 13, 2024 17:21 ET (22:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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