Swiss biotech firm Molecular Partners to cut nearly half of workforce
Swiss biotech firm Molecular Partners to cut nearly half of workforce ZURICH, Oct 29 (Reuters) - Switzerland's Molecular Partners MOLN.S is cutting its workforce nearly in half, it said on Thursday, as it aims to narrow its focus on the booming field of radiotherapeutic medicines.
The clinical-stage biotech company, which has partnered with pharma giant Novartis NOVN.S and American AbbVie ABBV.N, is set to reduce its employee headcount by up to 44%, or up to 55 people.
Emerging clinical data for its lead radiotherapeutic drug candidate encouraged company transformation with focus on targeted radiotherapy, CEO Patrick Amstutz said in a statement
The reduction is expected be completed by the second quarter of 2027 and the related costs set to come into effect in the second half of the same year, Molecular Partners said
Previously announced timelines on clinical assets stand, the company said
(Reporting by Marleen Kaesebier
Editing by Linda Pasquini)
((marleen.kaesebier@thomsonreuters.com))
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