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Basel-based biotech company Idorsia has to make serious cuts. The company announced Friday that as many as 500 jobs could be lost as part of a cost recovery initiative.
The savings program will be implemented until the end of the year. The aim is to reduce cash consumption at the headquarters in Allschwil by approximately 50 percent. Consultation with employee representatives in Switzerland will be initiated.
“I am very sorry to have had to launch such an initiative, but we cannot maintain the current level of investment,” said company boss Jean-Paul Clozel (68). Idorsia justifies the dismantling with lower-than-expected sales.
In fact, for some time now, Idorsia has been in the dilemma of needing new funding to continue funding its research efforts. The sale of the Asian business, announced the day before, was classified by experts as just another bridging measure. (SDA/lui)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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