Aurinia Pharmaceuticals rises on job cuts, restructuring

Aurinia Pharmaceuticals

07/11/2024 12:31

** Shares of drugmaker Aurinia Pharmaceuticals  AUPH.O  rise
6.38% to $8 premarket
    ** Co says it is implementing a strategic restructuring to
focus on its lupus nephritis treatment Lupkynis and the
development of AUR200, which is in early stage study
    ** The restructuring will result in a workforce reduction of
about 45%
    ** AUPH anticipates a one-time restructuring charge in Q4 of
$15 mln to $19 mln
    ** Estimates post-restructuring annualized cash-based
operating expense savings of more than $40 million
    ** Reiterates 2024 net product revenue forecast range of
$210 to $220 million
    ** Up to last close, stock down ~16% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))