Last week, BioMarin revealed changes to its C-suite; now, the company has announced its second round of layoffs this year, following the termination of 170 employees in May.
About a week after BioMarin rolled out an executive reorganization, the biotech is cutting staff, laying off about 225 employees across its global workforce, according to an SEC filing. Affected employees were notified Aug. 28, and layoffs should be mostly complete by end of this year.
BioMarin also laid off employees in May. Those cuts affected about 170 employees globally and were expected to be mostly complete by the end of July, according to an SEC filing.
The latest layoffs are connected to BioMarin’s reorganization, according to the most recent filing, as well as to its updated strategy for hemophilia gene therapy Roctavian and the discontinued development of BMN 293, a preclinical gene therapy for a subtype of hypertrophic cardiomyopathy. The company estimates it will incur aggregate pretax charges representing one-time cash expenditures for severance and other employee termination benefits of approximately $30 million to $35 million, mostly during the second half of 2024.
In the executive reorganization, BioMarin named Roche and Amgen alums to its C-suite. Greg Friberg, formerly vice president of global medical affairs for rare diseases at Amgen, will serve as BioMarin’s chief research and development officer. James Sabry, Roche’s former global head of partnering, will be chief business officer.
BioMarin’s new Roctavian strategy focuses on three countries where the drug is approved and reimbursed: the U.S., Germany and Italy. With the move, the company expects to lower its yearly Roctavian expenses to about $60 million, starting in 2025.
