Brief: Vir Biotechnology Reducing Workforce By Approximately 12%

Vir Biotechnology

13/12/2023 22:07

Dec 13 (Reuters) - Vir Biotechnology Inc  VIR.O :
    * VIR BIOTECHNOLOGY ANNOUNCES STRATEGIC STEPS TO REDUCE
OPERATING
EXPENSES AND FOCUS INVESTMENT ON AREAS WITH HIGHEST POTENTIAL
FOR VALUE CREATION
    * VIR BIOTECHNOLOGY INC - REDUCING WORKFORCE BY
APPROXIMATELY 12%
AND CONSOLIDATING GEOGRAPHIC FOOTPRINT
    * VIR BIOTECHNOLOGY INC - ANTICIPATE ANNUAL SAVINGS OF AT
LEAST
$40 MILLION FROM COST OPTIMIZATION EFFORTS
    * VIR BIOTECHNOLOGY INC - RESEARCH AND DEVELOPMENT
FACILITIES IN
ST. LOUIS, MISSOURI AND PORTLAND, OREGON WILL BE CLOSED IN 2024
    * VIR BIOTECHNOLOGY INC - RESEARCH ACTIVITIES WILL CONTINUE
AT
COMPANY'S SITES IN SAN FRANCISCO, CALIFORNIA AND BELLINZONA,
SWITZERLAND
    * VIR BIOTECHNOLOGY -75 POSITIONS TO BE ELIMINATED, WHICH
INCLUDES
REDUCTIONS FROM DISCONTINUATION OF INNATE IMMUNITY SMALL
MOLECULE GROUP STARTED IN Q3
    * VIR BIOTECHNOLOGY INC - REDUCTIONS WILL BE SUBSTANTIALLY
COMPLETE BY Q1 OF 2024
    * VIR BIOTECHNOLOGY INC - OF TOTAL CHARGES, APPROXIMATELY $3
MILLION TO $4 MILLION WILL BE CASH EXPENDITURES
    * VIR BIOTECHNOLOGY INC - EXPECTS TO RECOGNIZE EXPENSES
THROUGH Q3
OF 2024
    * VIR BIOTECHNOLOGY INC-  REPORTED $1.7 BILLION IN CASH,
CASH
EQUIVALENTS AND INVESTMENTS IN Q3 OF 2023

Source text for Eikon:  ID:nBw7LPqT5a 
Further company coverage:  VIR.O 

 ((Reuters.Briefs@thomsonreuters.com;))