BioMarin Pharmaceutical plans to lay off 225 employees as part of a reorganization, according to a regulatory form the company filed with the U.S. Securities and Exchange Commission.
In the filing, the San Rafael, CA-based drug developer noted that the reorganization also involved changes in its marketing strategy for its hemophilia A gene therapy Roctavian, as well as the discontinuation of BMN 293, a gene therapy in development for myosin binding protein C3 hypertrophic cardiomyopathy.
Biomarin had previously discontinued four therapies then in development in April to prioritize other programs; that reorganization also resulted in a layoff of 170 employees.
In the filing, BioMarin said that affected employees were notified by Wednesday, August 28, and that the layoffs were expected to be completed by the end of 2024.
Furthermore, the firm estimated that it would incur one-time cash expenditures for severance and other employee termination benefits of approximately $30 to $35 million, mostly during the second half of 2024.
Earlier this month, BioMarin said it was limiting its marketing of Roctavian to the U.S., Germany, and Italy to reduce expenses associated with the program to approximately $60 million and with the expectation of the therapy becoming profitable by the end of 2025.
