Beam Therapeutics to cut 20% of workforce as part of restructuring plan (updated)

Beam Therapeutics

19/10/2023 14:03

(Adds details on restructuring plan in paragraphs 2,3)
       Oct 19 (Reuters) - Beam Therapeutics  BEAM.O  said on
Thursday it plans to reduce its headcount by about 100
employees, or 20% of its current workforce, as part of a
restructuring plan.
    The company said it will focus on developing its
experimental sickle cell disease treatment and its program for
alpha-1 antitrypsin deficiency (AATD), a condition that raises
risk for lung and other diseases. 
    Beam expects the cost savings from the plan, and its balance
of cash and equivalents of $1.1 billion as of June 30, would be
sufficient to fund operations into 2026.
    Shares of the company were down 2.4% in premarket trading.
    

 (Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi
Majumdar)
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