BioMarin Plans To Reduce Its Global Workforce By Approximately 225 Employees
Portfolio Pulse from Benzinga Newsdesk
BioMarin is reducing its global workforce by approximately 225 employees as part of an organizational redesign and updated strategy for ROCTAVIAN. The company will incur $30-$35 million in severance costs, with reductions expected to complete by the end of 2024.
August 28, 2024 | 9:08 pm
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BioMarin is reducing its workforce by 225 employees due to strategic changes, including discontinuing BMN 293 development. This will result in $30-$35 million in severance costs.
The workforce reduction and discontinuation of BMN 293 development indicate a strategic shift, which may lead to short-term negative sentiment and potential stock price decline. The severance costs add financial pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100