Vir Biotechnology to cut about 75 jobs, shut some facilities (updated)

Vir Biotechnology

13/12/2023 21:40

(Adds share movement in paragraph 2, and details on reduced
cost structure in paragraph 3)
       Dec 13 (Reuters) - Vir Biotechnology  VIR.O  said on
Wednesday it will cut about 12% of its workforce, or about 75
positions, and close some facilities as part of its cost cut
measures. 
    Shares of the immunology company fell 2.2% in aftermarket
trading after Vir also said it was closing its research and
development facilities in Missouri and Oregon in 2024.
    The company said it expects a reduced cost structure of at
least $40 million annually as a result of these changes.

 (Reporting by Christy Santhosh; Editing by Shinjini Ganguli)
 ((Christy.Santhosh@thomsonreuters.com;))