South San Francisco-based Twist Bioscience, a biotechnology company that manufactures synthetic DNA and DNA products, has announced a major cost-cutting initiative that will see a 25% reduction in the company's workforce to "accelerate our path to profitability."
The reduction in force will impact 270 employees.
Twist CEO and Cofounder Emily Leproust noted, "The sales force will remain largely intact to drive top-line growth. We removed the duplication of synbio production across South San Francisco and Portland, significantly lowering our fixed cost structure. The new Oregon facility now produces all genes and gene fragments and most oligo pools. In addition, we resized the biopharma team to focus on revenue-generating partnerships, deprioritizing a majority of our internal assets. Throughout the organization, we streamlined teams, including R&D, to focus on programs where Twist has a clear competitive advantage and to selectively deploy our platform in areas where we see the greatest potential for long-term value creation."
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?