- BioMarin Pharmaceutical ( NASDAQ: BMRN ) notifies its decision to redesign the organization to better focus investments that advance its R&D pipeline, maximize recent commercial launch success, prepare for a potential launch of ROCTAVIAN in the U.S., and drive core infrastructure optimization.
- The redesign simplifies the organization, creates efficiencies, reduces the average management layers across the organization and prioritizes and heightens the capabilities required to achieve critical business needs of the future.
- As a result, this decision will involve a reduction in force of approximately 120 employees, or roughly four percent of the global workforce.
- While the focus of the effort was reshaping the organization for operational effectiveness and efficiency, the reduction in force will result in financial savings of approximately $50 million annually beginning in 2023.
- Impacted employees have been notified as of this week, and they have begun the transition process that will be fully supported by the company.
- Most of the reduction will come from BioMarin's U.S. operations and the reductions are expected to be substantially completed by December 31, 2022.
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BioMarin redesigns organization, will lay off about 4% of its workforce