Amid a major corporate shakeout, BioMarin Pharmaceutical intends to lay off over 200 staff, according to a regulatory filing made Wednesday by the rare disease drug developer.
In the notice, Biomarin said it has “committed to a plan” to reduce its global workforce by approximately 225 employees. The move is connected to the company’s ongoing reorganization, which has involved paring back marketing for its gene therapy Roctavian and discontinuing several research programs.
BioMarin has undergone substantial changes since new CEO Alexander Hardy took over toward the end of 2023. Earlier this month, BioMarin announced it would limit commercial sales of its treatment Roctavian to the U.S., Italy and Germany as it works to reach profitability with the hemophilia gene therapy. Only a few people have received treatment with Roctavian, as negotiations on reimbursement and questions of its benefits have dampened the outlook for what analysts once considered a future blockbuster drug.
Roctavian is also expensive to make, and BioMarin has paused production at one of its manufacturing sites. In total, the company aims to bring direct expenses for the drug down to $60 million annually.
Back in April, meanwhile, the company made the decision to no longer invest in four experimental therapies, as it prioritized others in its pipeline. A securities filing filed in May indicated those moves would involve letting go of 170 employees, cuts that BioMarin said then would be substantially completed by July.
BioMarin said employees affected by the newly announced workforce reduction were notified by Wednesday. The layoffs should be completed by the end of 2024, the company said. BioMarin had 3,401 employees globally as of December 31.
Alongside Hardy, two new executives will be leading the trimmed-down company forward. Last week, the company tapped industry veterans Greg Friberg as its chief R&D officer and James Sabry as its chief business officer.
