BioMarin to axe 170 staff in wake of pipeline overhaul
15 May 2024
Gene Therapy
Having recently announced an overhaul of its pipeline, BioMarin Pharmaceutical has followed up by detailing plans to cut around 170 staff from its payroll. The company said that the majority of impacted employees were notified on May 14, with the workforce reductions expected to be substantially completed by the end of July.
BioMarin has been struggling to generate sizeable revenue from its haemophilia A gene therapy Roctavian (valoctocogene roxaparvovec), with only three patients treated in 2023 and one in the first quarter of the current year. As such, the drugmaker plans to have reached a decision by early September as to whether it will continue to back Roctavian or remove it from its portfolio.
The company said alongside its first-quarter earnings report last month that it together with Roctavian, it will focus its resources on three pipeline programmes, while cutting loose another four. Those facing the axe include the gene therapies BMN 331 for hereditary angioedema and BMN 255 in treat non-alcoholic fatty liver disease and hyperoxaluria.
BioMarin said the job losses are related to the discontinuation of the R&D programmes and will lead to charges of approximately $15 million to $20 million during the second quarter.
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