South Plainfield, New Jersey-based PTC Therapeutics, a pharmaceutical company focused on the development of orally administered small molecule drugs and gene therapy, has announced plans for a cost-cutting and restructuring initiative, including a 25% reduction in its workforce
The reduction in force will impact approximately 350 employees, primarily working on early-stage research programs and those at its gene therapy manufacturing facility located in Hopewell, New Jersey. "The Company plans to substantially complete the reduction in workforce by January 15, 2024."
This is the second round of layoffs this year.
The decision appears to be driven by a regulatory setback for its drug Translarna, used to combat Duchenne muscular dystrophy.
According to an SEC filing, "On September 28, 2023, PTC Therapeutics, Inc. announced further strategic prioritization following the continued review of its portfolio that the Company began in May 2023. In connection with the strategic prioritization, on September 28, 2023, the Company committed to a reduction in workforce of approximately 25%, which will primarily affect employees in the United States, including those employees involved in early-stage research and gene therapy manufacturing and associated selling, general and administrative functions."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?