Idorsia Must Cut Jobs Due to Tight Finances
Published: Friday, Jul 21st 2023, 07:40
Updated At: Friday, Oct 13th 2023, 14:12
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Idorsia, a Swiss biotechnology company, is facing financial difficulties and has launched a cost-cutting initiative to reduce cash expenditure at its headquarters by 50%. This will involve reducing investments in research and development and focusing on activities that can be progressed quickly and with reasonable financial expenditure. Up to 500 jobs may be lost, mainly in research and development and supporting functions. The company is attempting to minimise the number of potential redundancies through natural fluctuation, retirement and other measures. The initiative is expected to be completed by the end of 2023 and the cost reduction to be fully effective by early 2024. CEO Jean-Paul Clozel has expressed regret at having to take such measures, but stated that the current investment level cannot be maintained. Idorsia will present its half-yearly results on Tuesday of next week, and investors will be keen to know what will happen to the company's 2025 targets, which included achieving profitability with an annual net turnover of more than 1 billion Swiss francs.
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